InstaForex - Analytics

    InstaForex

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    Elliott wave analysis of EUR/NZD for November 2 - 2015

    1446439926_2015-11-02-EURNZD-4H.png

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    Wave summary:

    We still think that the best wave count is that a bottom of the corrective decline from 1.9114 was found at 1.6124, but the move higher does look very convincing. A break above resistance at 1.6515 will do the job and call for a continuation higher to 1.6950 and above.

    However, as long as resistance at 1.6515 is able to protect the upside, the risk remains that a new low below 1.6124 could be seen. The downside target would then be 1.6024.

    Trading recommendation:

    Our stop at 1.6180 was hit and we will stay neutral for now.



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