Elliott wave analysis of EUR/JPY for August 27, 2014
August 27, 2014 1:00 pm
Today’s support and resistance levels:
R3: 137.42
R2: 137.26
R1: 137.15
Current spot: 136.93
S1: 136.92
S2: 136.81
S3: 136.61
Technical summary:
We have seen a test of key support at 136.81, which has rejected this first test for a minor correction towards 137.26 before the next decline can be expected. The next test should be succesful in break below the key support at 136.81, so it could move lower to 135.73 on the way down to the ideal target at 134.34. Only an unexpected break above 137.42 will delay the expected downside pressure for a move closer to 137.62 before dropping again.
Trading recommendation:
We are short in EUR from 137.75 and will move our stop lower to 137.45. If you are not short in EUR yet, then sell near 137.26 with the same stop at 137.45.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 137.42
R2: 137.26
R1: 137.15
Current spot: 136.93
S1: 136.92
S2: 136.81
S3: 136.61
Technical summary:
We have seen a test of key support at 136.81, which has rejected this first test for a minor correction towards 137.26 before the next decline can be expected. The next test should be succesful in break below the key support at 136.81, so it could move lower to 135.73 on the way down to the ideal target at 134.34. Only an unexpected break above 137.42 will delay the expected downside pressure for a move closer to 137.62 before dropping again.
Trading recommendation:
We are short in EUR from 137.75 and will move our stop lower to 137.45. If you are not short in EUR yet, then sell near 137.26 with the same stop at 137.45.
The material has been provided by InstaForex Company – www.instaforex.com
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