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Elliott wave analysis of EUR/NZD for December 16, 2016

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Wave summary:

We have finally broken above minor resistance at 1.4823 indicating that the ending diagonal from 1.5837 is complete and a new impulsive rally is building towards 1.5837 and above.

Short term, we will like to see the former minor resistance at 1.4823 act as support for a rally to and break above resistance at 1.5092 and more importantly above resistance at 1.5162 that will confirm the rally higher to the origin of the ending diagonal.

Trading recommendation:

We bought EUR at 1.4830 with stop placed at 1.4650. If you are not long EUR yet, then buy near 1.4823 and use the same stop at 1.4650.

The material has been provided by InstaForex Company – www.instaforex.com

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Elliott wave analysis of EUR/NZD for December 16, 2016 Reviewed by on . Wave summary:We have finally broken above minor resistance at 1.4823 indicating that the ending diagonal from 1.5837 is complete and a new impulsive rally is bu Wave summary:We have finally broken above minor resistance at 1.4823 indicating that the ending diagonal from 1.5837 is complete and a new impulsive rally is bu Rating:
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