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24.05.2017 07:23 AM
Elliott wave analysis of EUR/NZD for May 24, 2017

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Wave summary:

We have seen the expected corrective decline in wave [ii] closer to support near 1.5836 from where a turn higher in wave [iii] is expected towards 1.6655. As long as minor resistance at 1.6036 is able to cap the upside, as long is a little more downside closer to the ideal 1.5836 target possible, but from here or upon a direct break above 1.6036 a new impulsive rally to above 1.6237 will be expected.

R3: 1.6237

R2: 1.6154

R1: 1.6014

Pivot: 1.5975

S1: 1.5886

S2: 1.5836

S3: 1.5803

Trading recommendation:

We are long EUR from 1.5665 with stop placed at 1.5800. If you are not long EUR yet, then buy near 1.5836 or upon a break above 1.6014 and use the same stop at 1.5800.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2024
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