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    Elliott wave analysis of EUR/NZD for April 22 - 2015


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    Technical summary:

    We have seen a nice decline to our first downside target at 1.3867. However, as long as resistance at 1.4051 is able to protect the upside, we will be looking for a move closer to our second downside target at 1.3687 before a firm bottom is expected to be in place.

    A direct break above 1.4051 is needed to indicate that the bottom is already in place for a rally back to important resistance at 1.4237.

    Trading recommendation:

    We are short EUR from 1.4145 and will move our stop reverse lower to 1.4055 and we will place take profit reverse at 1.3700

    Uitgevoerd door, Analytische expert
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