InstaForex - Analytics


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    Elliott wave analysis of EUR/NZD for November 27, 2015


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    Wave summary:

    No changes are observed in the chart.

    A slow decline towards an ideal target at 1.5898 continues. We are looking for minor resistance at 1.6261 to protect the upside for a breakout below minor support at 1.6048 calling for the next leg lower towards an ideal target at 1.5898 before a more substantial bottom is in place and a large rally back to 1.8020 and above is expected.

    Only a direct breakout above 1.6261 and more importantly a break above 1.6434 indicates that the bottom is already in place.

    Trading recommendation:

    We will but EUR at 1.5925 or upon the breakout above 1.6261.

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