Elliott wave analysis of EUR/JPY for August 14, 2014
August 14, 2014 8:35 am
Today’s support and resistance levels:
R3: 137.52
R2: 137.34
R1: 137.18
Current spot: 137.13
S1: 136.85
S2: 136.75
S3: 136.60
Technical summary:
Wave iv ended just 4 small pips above our ideal target of 137.14 (the high came in at 137.18). Now, we are looking for a break below support at 136.85 to confirm that wave iv is over and lower wave v at 134.34 is developing. At 134.34, wave C will be equal in length to wave A. As we approch the ideal 134.34 target, we expect the minor swings to be more volatile.
Trading recommendation:
We sold EUR at 137.10 with our stop placed at 137.80. Upon a break below 136.85, we will move our stop lower to 137.20. If you are not short in EUR yet, then sell near 137.17 or upon a break below 136.85 with the same stops.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 137.52
R2: 137.34
R1: 137.18
Current spot: 137.13
S1: 136.85
S2: 136.75
S3: 136.60
Technical summary:
Wave iv ended just 4 small pips above our ideal target of 137.14 (the high came in at 137.18). Now, we are looking for a break below support at 136.85 to confirm that wave iv is over and lower wave v at 134.34 is developing. At 134.34, wave C will be equal in length to wave A. As we approch the ideal 134.34 target, we expect the minor swings to be more volatile.
Trading recommendation:
We sold EUR at 137.10 with our stop placed at 137.80. Upon a break below 136.85, we will move our stop lower to 137.20. If you are not short in EUR yet, then sell near 137.17 or upon a break below 136.85 with the same stops.
The material has been provided by InstaForex Company – www.instaforex.com
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