Elliott Wave Analysis of EUR/JPY for December 2, 2013
December 2, 2013 7:15 am
Today’s Support and Resistance Levels:
R3: 139.89
R2: 139.70
R1: 139.51
Current Spot: 139.19
S1: 138.97 – A break below this level will be the first good indication that a top is in place.
S2: 138.31
S3: 137.77
Technical Summary:
We are still looking for evidences that the top of wave v of 5 could be in place. A break below 138.97 will be the first good indication, but a break below 137.10 is needed to confirm the top and that a major wave II correction towards at least 124.92 is developing.
As long as short term important support at 138.97 protects the downside, we can still see a break above minor resistance at 139.51 for one last rally to just above the former high at 139.70 and a move closer to 139.89 before the final top is in place.
Trading Recommendation:
Stay short from 139.50 with a stop at 140.50. Upon a break below 138.97 move your stop lower to 139.75. If you are not short EUR already, the sell close to 139.89 or upon a break below 138.97 with the same stop at 140.50.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance Levels:
R3: 139.89
R2: 139.70
R1: 139.51
Current Spot: 139.19
S1: 138.97 – A break below this level will be the first good indication that a top is in place.
S2: 138.31
S3: 137.77
Technical Summary:
We are still looking for evidences that the top of wave v of 5 could be in place. A break below 138.97 will be the first good indication, but a break below 137.10 is needed to confirm the top and that a major wave II correction towards at least 124.92 is developing.
As long as short term important support at 138.97 protects the downside, we can still see a break above minor resistance at 139.51 for one last rally to just above the former high at 139.70 and a move closer to 139.89 before the final top is in place.
Trading Recommendation:
Stay short from 139.50 with a stop at 140.50. Upon a break below 138.97 move your stop lower to 139.75. If you are not short EUR already, the sell close to 139.89 or upon a break below 138.97 with the same stop at 140.50.
The material has been provided by InstaForex Company – www.instaforex.com
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