Elliott wave analysis of EUR/JPY for February 10, 2017
February 10, 2017 6:03 am
Wave summary:
Minor resistance at 120.13 could not cap the upside for one more stab lower towards 119.14. The break above this minor resistance, was the first good indication that a low already was in place with the test of 119.30 and wave (v) of 3 now is unfolding towards 126.54 as the ideal upside target. In the short term we should see support near 120.46 to protect the downside for the next rally higher, above 121.75 and 122.52 as the next hurdle to overcome on the way higher.
R3: 122.45
R2: 121.76
R1: 121.33
Pivot: 121.10
S1: 120.82
S2: 120.46
S3: 120.10
Trading recommendation:
We bought EUR at 120.15 and will place our stop at 119.90. Take profit is placed at 126.25.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
Minor resistance at 120.13 could not cap the upside for one more stab lower towards 119.14. The break above this minor resistance, was the first good indication that a low already was in place with the test of 119.30 and wave (v) of 3 now is unfolding towards 126.54 as the ideal upside target. In the short term we should see support near 120.46 to protect the downside for the next rally higher, above 121.75 and 122.52 as the next hurdle to overcome on the way higher.
R3: 122.45
R2: 121.76
R1: 121.33
Pivot: 121.10
S1: 120.82
S2: 120.46
S3: 120.10
Trading recommendation:
We bought EUR at 120.15 and will place our stop at 119.90. Take profit is placed at 126.25.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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