Elliott wave analysis of EUR/JPY for December 10, 2013
December 10, 2013 6:30 am
Today’s Support and Resistance levels:
R3: 144.00
R2: 143.60
R1: 142.38
Current Spot: 142.07
S1: 141.76
S2: 141.53
S3: 140.99
Technical summary:
We are in the final stages of the rally from the 131.20 low. That said, in the short term we are looking for support at 140.99 to protect the downside for a move closer to 143.60 and maybe even to 144.00 before a reversal. Only a direct break below 140.99 indicates that we have an important top in place, but a break below 138.42 is needed to confirm the top and that a major correction towards at least 124.92 is developing.
Trading recommendation:
As we are in the final stages of this rally, we will only look for selling opportunities. We will sell EUR at 143.40 or upon a break below 140.99 (say at 140.95).
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 144.00
R2: 143.60
R1: 142.38
Current Spot: 142.07
S1: 141.76
S2: 141.53
S3: 140.99
Technical summary:
We are in the final stages of the rally from the 131.20 low. That said, in the short term we are looking for support at 140.99 to protect the downside for a move closer to 143.60 and maybe even to 144.00 before a reversal. Only a direct break below 140.99 indicates that we have an important top in place, but a break below 138.42 is needed to confirm the top and that a major correction towards at least 124.92 is developing.
Trading recommendation:
As we are in the final stages of this rally, we will only look for selling opportunities. We will sell EUR at 143.40 or upon a break below 140.99 (say at 140.95).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: