01.05.201409:47 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for May 1, 2014

Long-term review

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Today's Support and Resistance levels:

R3: 1.6285

R2: 1.6202

R1: 1.6129

Current spot: 1.6095

S1: 1.6070

S2: 1.6000

S3: 1.5952

Technical summary:

We are still looking for a decline to 1.6000, no matter which count turns out to be the correct one. We still prefer the bearish count calling for one last decline closer to 1.5566, but we will have to stay flexible if support at 1.6000 protects the downside for a break above 1.6202 as that would shift the odds in favor of the bullish count calling for a test of strong resistance at 1.6325 and a break above will be bullish in the long term.

Trading recommendation:

We sold EUR at 1.6195 and will move our stop lower to 1.6130.

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