Elliott wave analysis of EUR/JPY for March 29, 2017
March 29, 2017 10:01 am
Wave summary:
Once again the pair failed to break above important short-term resistance seen near 120.34. This resistance needs to be cleared to confirm that wave ii has completed and wave iii higher is developing for a rally to above 122.88.
Support is now seen near 119.55 and will ideally be able to protect the downside for the next attempt to break above 120.34.
R3: 121.84
R2: 120.75
R1: 120.39
Pivot: 120.00
S1: 119.77
S2: 119.55
S3: 119.28
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 break above 120.39 and use the same stop at 119.20.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
Once again the pair failed to break above important short-term resistance seen near 120.34. This resistance needs to be cleared to confirm that wave ii has completed and wave iii higher is developing for a rally to above 122.88.
Support is now seen near 119.55 and will ideally be able to protect the downside for the next attempt to break above 120.34.
R3: 121.84
R2: 120.75
R1: 120.39
Pivot: 120.00
S1: 119.77
S2: 119.55
S3: 119.28
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 break above 120.39 and use the same stop at 119.20.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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