Elliott wave analysis of EUR/JPY for August 22, 2014
August 22, 2014 9:20 amVideo
Latest News
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
- EUR/USD: trading tips for beginners for European session on May 3 May 3, 2024
- Technical Analysis – WTI futures break below 200 day-SMA May 3, 2024
- Hot forecast for EUR/USD on May 3, 2024 May 3, 2024
- Key events on May 3: fundamental analysis for beginners May 3, 2024
- Trading plan for GBP/USD on May 3. Simple tips for beginners May 3, 2024
- Trading plan for EUR/USD on May 3. Simple tips for beginners May 3, 2024
- Forecast for EUR/USD on May 3, 2024 May 3, 2024
- Forecast for GBP/USD on May 3, 2024 May 3, 2024
- Forecast for USD/JPY on May 3, 2024 May 3, 2024
- The euro did not understand the Fed’s signals May 3, 2024
- 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
Today’s support and resistance levels:
R3: 138.76
R2: 138.45
R1: 138.01
Current spot: 137.84
S1: 137.78
S2: 137.58
S3: 137.37
Technical summary:
Well, nothing has really changed here. We are still left with two possible scenarios. One is calling for a final decline to 134.34, if resistance near 138.01 protects the upside. The other scenario is telling us that the bottom already is in place with the test of 135.73. We give more preferences to the first scenario calling for yet anothet decline towards the equally important target at 134.34. But then, we should ideally see resistance at 138.01 protecting the upside for a break below minor support at 137.78 and more importantly below 137.71 calling for renewed downside pressure. That said, as long as minor support at 137.78 protects the downside, we are alert to a firm break above 138.01 calling for a continuation higher towards 138.45 and higher.
Trading recommendation:
We will sell a break below support at 137.76 with a stop at 138.05.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: