You are here: Home > articles > Elliott Wave > Elliott wave analysis of EUR/JPY for September 7, 2016
Elliott wave analysis of EUR/JPY for September 7, 2016
September 7, 2016 6:37 amVideo
Latest News
- Analysis of GBP/USD pair on May 2nd. The final chord for the dollar May 2, 2024
- Analysis of EUR/USD pair on May 2nd. The market calmly responded to the FOMC meeting May 2, 2024
- Technical Analysis – GBPJPY returns to pre-intervention levels May 2, 2024
- JPY terrifies traders May 2, 2024
- Fed makes tough decision May 2, 2024
- USD/JPY: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- EUR/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: trading plan for the US session on May 2nd (analysis of morning deals). The pound was pushed below 1.2521 May 2, 2024
- EUR/USD: trading plan for the US session on May 2nd (analysis of morning deals). Euro bought around 1.0700 May 2, 2024
- EUR/USD. May 2nd. US statistics disappoint once again May 2, 2024
- Technical Analysis – EURUSD capped by 20-day SMA as rebound falters May 2, 2024
- Forex forecast 05/02/2024: EUR/USD, USD/JPY and Gold from Sebastian Seliga May 2, 2024
- USD/JPY: trading tips for beginners for European session on May 2 May 2, 2024
- GBP/USD: trading tips for beginners for European session on May 2 May 2, 2024
- EUR/USD: trading tips for beginners for European session on May 2 May 2, 2024
- Market Comment – Dollar slides as Powell rules out rate hikes May 2, 2024
- RBA decision: will a rate hike be back on the table? – Preview May 2, 2024
- Video market update for May 02, 2024 May 2, 2024
- Technical Analysis – Bullish pressure in AUDUSD lingers May 2, 2024
Wave summary:
The break below minor support at 114.98 questioned the previous count and we have instead adopted an even more long term bullish count. This count shows that we completed blue wave (i) at 116.37 and the ongoing corrective decline is blue wave (ii). This count remains valid as long as we stay above support at 113.11.
Focusing on blue wave (ii) it does not yet look complete, calling for a move closer to 113.48 before the next possible low.
That said, remember that second waves are allowed to correct 100% of the first wave, but never ever is allowed to break below the starting point of the first wave.
Trading recommendation:
Our stop at 114.90 was hit for a nice profit. We will buy EUR again at 113.50 with stop placed at 113.05.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: