Elliott wave analysis of EUR/JPY for August 26, 2014
August 26, 2014 8:25 am
Today’s support and resistance levels:
R3: 137.67
R2: 137.47
R1: 137.30
Current spot: 137.12
S1: 137.01
S2: 136.81
S3: 136.61
Technical summary:
We have seen a break below the minor support line from 135.73, which is the first strong indication that the final wave v decline towards 134.34 is unfolding, but we still need a break below 136.81 to confirm that wave v is indeed developing for the expected decline towards the equality target between wave A and C at 134.34. Only a break above resistance at 137.91 will invalidate the bearish count and call for a rally higher to 140.07.
Trading recommendation:
We are short in EUR from 137.75 with stop placed at 137.70. If you are not short in EUR yet, then sell near 137.30 with the same stop at 137.70.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 137.67
R2: 137.47
R1: 137.30
Current spot: 137.12
S1: 137.01
S2: 136.81
S3: 136.61
Technical summary:
We have seen a break below the minor support line from 135.73, which is the first strong indication that the final wave v decline towards 134.34 is unfolding, but we still need a break below 136.81 to confirm that wave v is indeed developing for the expected decline towards the equality target between wave A and C at 134.34. Only a break above resistance at 137.91 will invalidate the bearish count and call for a rally higher to 140.07.
Trading recommendation:
We are short in EUR from 137.75 with stop placed at 137.70. If you are not short in EUR yet, then sell near 137.30 with the same stop at 137.70.
The material has been provided by InstaForex Company – www.instaforex.com
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