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24.06.201609:56 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for June 24 - 2016

Long-term review
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Exchange Rates 24.06.2016 analysis

Wave summary:

We have seen the expected decline to 1.5604 (the low has been seen at 1.5545), which has completed wave (i), and we are now looking for a corrective rally in wave (ii) towards 1.6005 and maybe even closer to 1.6115 before this correction comes to an end. A new impulsive decline in wave (iii) lower towards 1.4702 is expected.

Trading recommendation:

Nice profit taken at 1.5625. We will be looking for new selling opportunities in the 1.6005 - 1.6115 area.

Torben Melsted
Analytical expert of InstaForex
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