Elliott wave analysis of EUR/JPY for October 13, 2016
October 13, 2016 5:27 am
Wave summary:
The failure to break below 113.97 indicates that a fifth wave failure was seen at 113.99 and a new impulsive rally now is developing. The rally of the 113.99 low does look impulsive in character and should hold above 113.99 for the next impulsive rally above minor resistance at 115.17 and more importantly above 115.79 confirming the next rally higher in red wave iii towards 119.69 and above.
Only an unexpected break below 113.99 will delay the expected rally higher for a slightly deeper correction in red wave ii closer to 113.50 before going higher in red wave iii.
Trading recommendation:
We are long EUR from 114.56 with stop placed at 113.90. If you are not long EUR yet, then buy near 114.20 or upon a break above 115.15 and use the same stop at 113.90.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The failure to break below 113.97 indicates that a fifth wave failure was seen at 113.99 and a new impulsive rally now is developing. The rally of the 113.99 low does look impulsive in character and should hold above 113.99 for the next impulsive rally above minor resistance at 115.17 and more importantly above 115.79 confirming the next rally higher in red wave iii towards 119.69 and above.
Only an unexpected break below 113.99 will delay the expected rally higher for a slightly deeper correction in red wave ii closer to 113.50 before going higher in red wave iii.
Trading recommendation:
We are long EUR from 114.56 with stop placed at 113.90. If you are not long EUR yet, then buy near 114.20 or upon a break above 115.15 and use the same stop at 113.90.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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