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Old 12-06-2015, 02:56
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Technical summary:
The correction in wave ii proved to be a small expanded flat by reaching a new low at 1.5646 before taking off again with new impulsive power breaking clearly above resistance of 1.5920 this time. We are looking for support near 1.5920 for a continuation higher to 1.6310 as the next upside target on the way towards 1.6446, which will be the next major upside target. In the long-term chart, the resistance line at 1.7175 has been broken now confirming that much more upside will be seen.

Trading recommendation:
We bought EUR at 1.5810 and will place our stop at the break-even level. If you are not long EUR yet, then buy near 1.5920 and use the same stop at 1.5810.

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