Elliott wave analysis of EUR/JPY for August 15, 2014
August 15, 2014 9:21 am
Today’s support and resistance levels:
R3: 137.52
R2: 137.34
R3: 137.25
Current spot: 137.10
S1: 137.00
S2: 136.85
S3: 136.75
Technical summary:
We were looking for the top at 137.18. We did see a break below 136.85 indicating that the top could be in place, but this cross played us. A new high has been seen at 137.25. As long as support at 137.00 protects the downside, we could still see a move slight higher to 137.34, but the top should be near, but renewed downside pressure is expected soon. A break below 137.00 will be the first strong indication that wave iv is over, while a break below 136.79 will confirm the top for the final decline towards 134.34, where wave C will be equal in length to wave A.
Trading recommendation:
Our close stop at 137.20 was hit for a small loss. We will re-sell EUR at 137.30 or upon a break below 137.00 with a stop at 137.75.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 137.52
R2: 137.34
R3: 137.25
Current spot: 137.10
S1: 137.00
S2: 136.85
S3: 136.75
Technical summary:
We were looking for the top at 137.18. We did see a break below 136.85 indicating that the top could be in place, but this cross played us. A new high has been seen at 137.25. As long as support at 137.00 protects the downside, we could still see a move slight higher to 137.34, but the top should be near, but renewed downside pressure is expected soon. A break below 137.00 will be the first strong indication that wave iv is over, while a break below 136.79 will confirm the top for the final decline towards 134.34, where wave C will be equal in length to wave A.
Trading recommendation:
Our close stop at 137.20 was hit for a small loss. We will re-sell EUR at 137.30 or upon a break below 137.00 with a stop at 137.75.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: