Elliott Wave analysis of EUR/JPY for December 3, 2013
December 3, 2013 6:31 am
Today’s Support and Resistance Levels:
R3: 141.59
R2: 140.70
R1: 139.89
Current Spot: 139.86
S1: 139.52
S2: 138.97
S3: 138.31
Technical Summary:
Minor support at 138.97 did hold for the final rally higher towards the ideal target at 139.89 (the high has been 139.90). As confirmation that we have seen the top of wave v of 5 we need a break below 139.53 and more importantly a break below 138.97. A break below 138.97 confirms that a major correction in wave II has taken over for a decline towards at least 124.92.
However, as long as support at 139.53 protects the downside, we can see some small stabbing through the ideal target at 139.89, but overall we should be very close to the final top now.
Trading Recommendation:
Stay short EUR from 139.50 with your stop placed at 140.50. If you are not short already, then sell a break below 139.53 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: 141.59
R2: 140.70
R1: 139.89
Current Spot: 139.86
S1: 139.52
S2: 138.97
S3: 138.31
Technical Summary:
Minor support at 138.97 did hold for the final rally higher towards the ideal target at 139.89 (the high has been 139.90). As confirmation that we have seen the top of wave v of 5 we need a break below 139.53 and more importantly a break below 138.97. A break below 138.97 confirms that a major correction in wave II has taken over for a decline towards at least 124.92.
However, as long as support at 139.53 protects the downside, we can see some small stabbing through the ideal target at 139.89, but overall we should be very close to the final top now.
Trading Recommendation:
Stay short EUR from 139.50 with your stop placed at 140.50. If you are not short already, then sell a break below 139.53 with the same stop at 140.50.
The material has been provided by InstaForex Company – www.instaforex.com
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