Elliott wave analysis of EUR/JPY for April 11, 2014
April 11, 2014 9:15 am
Today’s Support and Resistance levels:
R3: 142.09
R2: 141.90
R1: 141.55 – Important Resistance
Current spot:
S1: 141.29
S2: 141.09
S3: 140.71
Technical summary:
It is “Make it or Break it” time. Important resistance at 141.55 needs to hold for a break below 141.29 and more importantly for a break below 141.09 to confirm that blue wave v is developing for a move towards at least 139.43. If however, we are to see a break above 141.55, wave i ended at 140.08, and a wave ii correction towards 142.09 is unfolding before lower again. For now, we will just have to wait to see whether resistance at 141.55 will hold for the break below 141.29 or not.
Trading recommendation:
Stay short in EUR from 141.20 with stop placed at 141.60. If you are not short in EUR yet, then sell after a break below 141.29 with the same stop at 141.60.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.09
R2: 141.90
R1: 141.55 – Important Resistance
Current spot:
S1: 141.29
S2: 141.09
S3: 140.71
Technical summary:
It is “Make it or Break it” time. Important resistance at 141.55 needs to hold for a break below 141.29 and more importantly for a break below 141.09 to confirm that blue wave v is developing for a move towards at least 139.43. If however, we are to see a break above 141.55, wave i ended at 140.08, and a wave ii correction towards 142.09 is unfolding before lower again. For now, we will just have to wait to see whether resistance at 141.55 will hold for the break below 141.29 or not.
Trading recommendation:
Stay short in EUR from 141.20 with stop placed at 141.60. If you are not short in EUR yet, then sell after a break below 141.29 with the same stop at 141.60.
The material has been provided by InstaForex Company – www.instaforex.com
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