Elliott wave analysis of EUR/JPY for August 28, 2014
August 28, 2014 12:30 pm
Today’s support and resistance levels:
R3:137.42
R2: 137.29
R1: 137.15
Current spot: 137.07
S1: 136.92
S2: 136.81
S3: 136.61
Technical summary:
We saw the expected test of important short-term support at 136.81, but it was not able to break below this support firmly. It has cause some consolidation just above this support. However, we are still looking for a new test and likely firm break below this support next time for a continuation lower to 135.73 and the equality target at 134.34. At this point only a break above 137.29 will delay the expected test of the short-term important support at 136.81.
Trading recommendation:
We are short in EUR from 137.75 with stop placed at 137.45. If you are not short in EUR yet, then sell near 137.29 or upon a break below 136.81 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: 137.29
R1: 137.15
Current spot: 137.07
S1: 136.92
S2: 136.81
S3: 136.61
Technical summary:
We saw the expected test of important short-term support at 136.81, but it was not able to break below this support firmly. It has cause some consolidation just above this support. However, we are still looking for a new test and likely firm break below this support next time for a continuation lower to 135.73 and the equality target at 134.34. At this point only a break above 137.29 will delay the expected test of the short-term important support at 136.81.
Trading recommendation:
We are short in EUR from 137.75 with stop placed at 137.45. If you are not short in EUR yet, then sell near 137.29 or upon a break below 136.81 with the same stop at 137.45.
The material has been provided by InstaForex Company – www.instaforex.com
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