Elliott wave analysis of EUR/JPY for March 27, 2017
March 27, 2017 9:42 am
Wave summary:
We have seen the expected minor setback from 120.27 to just below the ideal target at 119.65 (the low has been seen at 119.50). We will now be looking for a break above minor resistance at 120.27 confirming a low is in place for more upside towards 122.89 and above.
Only a break below support at 119.28 will delay the expected rally higher.
R3: 121.18
R2: 120.67
R1: 120.27
Pivot: 119.85
S1: 119.50
S2: 119.28
S3: 118.95
Trading recommendation:
We are long EUR from 119.65 with stop placed at 119.20. If you are not long EUR yet, then buy a upon break above 120.27 and place your stop at 119.40.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We have seen the expected minor setback from 120.27 to just below the ideal target at 119.65 (the low has been seen at 119.50). We will now be looking for a break above minor resistance at 120.27 confirming a low is in place for more upside towards 122.89 and above.
Only a break below support at 119.28 will delay the expected rally higher.
R3: 121.18
R2: 120.67
R1: 120.27
Pivot: 119.85
S1: 119.50
S2: 119.28
S3: 118.95
Trading recommendation:
We are long EUR from 119.65 with stop placed at 119.20. If you are not long EUR yet, then buy a upon break above 120.27 and place your stop at 119.40.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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