Elliott wave analysis of EUR/JPY for August 5, 2014
August 5, 2014 8:35 am
Today’s support and resistance levels:
R3: 138.00
R2: 137.92
R1: 137.72
Current spot: 137.52
S1: 137.42
S2: 137.25
S3: 137.00
Technical summary:
We are looking for the first strong indication, that red wave v lower to 135.49 is unfolding. A break below minor support at 137.42 will be the first such indication and call for a continuation lower to 137.00 and lower to the ideal target for red wave v at 135.49.
In the longer term, we are still looking for a decline to the equality target for wave C at 134.34, where wave C is equal in length to wave A.
Trading recommendation:
We sold EUR at 138.00 and will move our stop lower to 137.91. If you are not short in EUR yet, then sell EUR near 137.72 or upon a break below 137.42 with the same stop at 137.91.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 138.00
R2: 137.92
R1: 137.72
Current spot: 137.52
S1: 137.42
S2: 137.25
S3: 137.00
Technical summary:
We are looking for the first strong indication, that red wave v lower to 135.49 is unfolding. A break below minor support at 137.42 will be the first such indication and call for a continuation lower to 137.00 and lower to the ideal target for red wave v at 135.49.
In the longer term, we are still looking for a decline to the equality target for wave C at 134.34, where wave C is equal in length to wave A.
Trading recommendation:
We sold EUR at 138.00 and will move our stop lower to 137.91. If you are not short in EUR yet, then sell EUR near 137.72 or upon a break below 137.42 with the same stop at 137.91.
The material has been provided by InstaForex Company – www.instaforex.com
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