Elliott wave analysis of EUR/JPY for December 18, 2013
December 18, 2013 8:45 am
Today’s support and resistance levels:
R3: 142.35
R2: 142.21
R1: 141.95
Current spot: 141.82
S1: 141.80
S2: 141.43
S3: 140.98
Technical summary:
Important support at 140.91 is still unbroken, which keeps the underlying uptrend intact. However, we have seen a break below the support line from 134.10 adding confidence in an important top being in place at 142.83.
In short-term we will be looking for a minor rally towards 142.35 as long as support at 141.39 protects the downside. From 142.35 or upon a break below 141.39, we expect a new and this time successful break below important support at 140.91 for a continuation lower towards 138.43.
Trading recommendation:
We sold EUR at 141.70 with a stop at 142.90. If you are not long EUR yet, then sell close to 142.35 or upon a break below 141.39 with the same stop at 142.90.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 142.35
R2: 142.21
R1: 141.95
Current spot: 141.82
S1: 141.80
S2: 141.43
S3: 140.98
Technical summary:
Important support at 140.91 is still unbroken, which keeps the underlying uptrend intact. However, we have seen a break below the support line from 134.10 adding confidence in an important top being in place at 142.83.
In short-term we will be looking for a minor rally towards 142.35 as long as support at 141.39 protects the downside. From 142.35 or upon a break below 141.39, we expect a new and this time successful break below important support at 140.91 for a continuation lower towards 138.43.
Trading recommendation:
We sold EUR at 141.70 with a stop at 142.90. If you are not long EUR yet, then sell close to 142.35 or upon a break below 141.39 with the same stop at 142.90.
The material has been provided by InstaForex Company – www.instaforex.com
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