InstaForex - Analytics


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    Elliott wave analysis of EUR/NZD for July 22, 2015


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    Technical summary:

    A break below support at 1.6349 indicates that wave 1 has found a top at 1.6812 and correction in wave 2 is unfolding now. We will be looking for an opportunity to test the level of 1.6115, which acts as both the bottom of wave (iv) and the 23.6% corrective target.

    In the short term, we will look for resistance to be found at 1.6568, to break below minor support at 1.6400 confirming that the next part of a decline towards 1.6115 is taking place.

    Trading recommendation:

    Our stop at 1.6425 was hit with a loss and we sell EUR at 1.6565 our stop placed at 1.6640. Take profit will be placed at 1.6125.

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