Elliott wave analysis of EUR/JPY for December 19, 2013
December 19, 2013 8:45 am
Today’s Support and Resistance levels:
R3: 142.89
R2: 142.54
R1: 142.41
Current Spot: 142.14
S1: 141.67
S2: 141.27
S3: 140.91
Technical summary:
FED was fiddling with the Market yesterday, which produced a short term hick up. However, as support at 140.91 stayed unbroken we knew, that the uptrend was still intact and FED’s hick up produced a minor new high at 142.89. In the short term we would like to see minor resistance at 142.41 protect the upside for a break below 141.86 and ideally a break just below 140.91 confirming that a top is in place at 142.89. That said, we will have to stay open minded for a possible new high above 142.89 as long as important support at 140.91 stays unbroken.
Trading recommendation:
Stay short in EUR from 141.70 with your stop at 142.90. If you are not short in EUR yet, then sell close to 142.41 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: 142.89
R2: 142.54
R1: 142.41
Current Spot: 142.14
S1: 141.67
S2: 141.27
S3: 140.91
Technical summary:
FED was fiddling with the Market yesterday, which produced a short term hick up. However, as support at 140.91 stayed unbroken we knew, that the uptrend was still intact and FED’s hick up produced a minor new high at 142.89. In the short term we would like to see minor resistance at 142.41 protect the upside for a break below 141.86 and ideally a break just below 140.91 confirming that a top is in place at 142.89. That said, we will have to stay open minded for a possible new high above 142.89 as long as important support at 140.91 stays unbroken.
Trading recommendation:
Stay short in EUR from 141.70 with your stop at 142.90. If you are not short in EUR yet, then sell close to 142.41 with the same stop at 142.90.
The material has been provided by InstaForex Company – www.instaforex.com
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