Elliott wave analysis of EUR/JPY for July 18 – 2016
July 18, 2016 6:01 amVideo
Latest News
- Outlook for EUR/USD on April 17. A boring Monday seamlessly transitioned into a boring Tuesday April 17, 2024
- Will the euro manage to save itself? April 17, 2024
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
Wave summary:
The rally of the 109.48 low does display an impulsive structure, but we are not out of the woods yet. Only a firm break above important resistance at 122.00 will confirm that a long-term corrective low is in place at 109.48 and a new long-term impulsive rally is developing.
In the short term, we expect to see more correction in wave [ii] closer to 114.88 from where a new impulsive rally above 122.00 is likely for a move closer to 126.45.
That said, we cannot exclude the bearish case completely yet, and the risk remains for a break below the support line near 111.85 that will call for a new low below 109.48 closer to 106.50.
Trading recommendation:
Our stop at 115.30 was hit for a small loss. We will re-buy EUR at 115.00 with stop placed at 113.25.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: