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FX.co ★ Elliott wave analysis of EUR/NZD for September 2, 2014

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Forex Analysis:::2014-09-02T08:25:38

Elliott wave analysis of EUR/NZD for September 2, 2014

Elliott wave analysis of EUR/NZD for September 2, 2014

Today's support and resistance levels:

R3: 1.5782

R2: 1.5760

R1: 1.5743

Current spot: 1.5721

S1: 1.5709

S2: 1.5701

S3: 1.5690

Technical summary:

The rally above 1.5725 indicates that wave 2 ended early at 1.5646 and wave 3 higher is already developing. In short run, we could see a minor correction towards 1.5683 before the next rally higher to challenge resistance at 1.5782 and a break above here confirms that wave 2 is over, wave 3 is higher to 1.5898, and 1.6203 is developing. It will take an unexpected decline below 1.5646 to alter this count and indicate an even more complex correctin, than it is developing now.

Trading recommendation:

We missed our EUR buy-order at 1.5595, but have instead bought EUR at 1.5725 and will place our stop at 1.5640. If you are not long in EUR yet, then buy EUR near 1.5683 with the same stop at 1.5640.

Analyst InstaForex
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