InstaForex - Analytics


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    Elliott wave analysis of EUR/NZD for May 9 - 2016 2016-05-09


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    Wave summary:

    After a slightly deeper correction to 1.6479 a new rally quickly broke back above resistance at 1.6745, indicating that a low is now in place at 1.6479 and more upside should be expected in the coming days/weeks ahead. We are still hungering for upside acceleration that could take us past 1.6874 and releasing the energy for a quick move to 1.7273 and higher.

    Trading recommendation:

    We are long in EUR from 1.6315 with stop placed at 1.6475. If you are not long in EUR yet, then buy 1.6600 or upon a break above 1.6770 and use the same stop at 1.6475.

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