Elliott wave analysis of EUR/JPY for July 31, 2017
July 31, 2017 4:51 am
Wave summary:
Short-term important support at 130.77 held once again, but we do not expect this minor decline. The pair will move lower than 129.30 before turning higher again to try to break above resistance at 130.77 for a continuation higher towards 133.46.
Only an unexpected break below minor support at 128.90 will confirm that wave iv has not completed yet, but the potential downside still should remain limited.
R3: 130.41
R2: 130.10
R1: 128.84
Pivot: 129.75
S1: 129.53
S2: 129.30
S3: 128.90
Trading recommendation:
We are long EUR from 129.75 with stop placed at 129.15 and take-profit at 133.20.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
Short-term important support at 130.77 held once again, but we do not expect this minor decline. The pair will move lower than 129.30 before turning higher again to try to break above resistance at 130.77 for a continuation higher towards 133.46.
Only an unexpected break below minor support at 128.90 will confirm that wave iv has not completed yet, but the potential downside still should remain limited.
R3: 130.41
R2: 130.10
R1: 128.84
Pivot: 129.75
S1: 129.53
S2: 129.30
S3: 128.90
Trading recommendation:
We are long EUR from 129.75 with stop placed at 129.15 and take-profit at 133.20.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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