Elliott wave analysis of EUR/JPY for December 4 – 2014
December 4, 2014 7:50 am
Technical Summary:
Our preferred count still shows, that wave b of the wave (ii) correction ended at 148.19 and waves c lower to at least 144.77 is now unfolding. In the short term, a break below 147.27 will confirm the next implusive move lower. Only a break above resistance at 147.89 will delay the expected downside pressure for one final rally higher to 148.25 before moving lower again.
Trading recommendation:
We are short in EUR from 148.10 with stop placed at 148.30. If you are not short in EUR yet, then sell near 147.89 or upon a break below 147.27 with the same stop at 148.30.
The material has been provided by InstaForex Company – www.instaforex.com
Technical Summary:
Our preferred count still shows, that wave b of the wave (ii) correction ended at 148.19 and waves c lower to at least 144.77 is now unfolding. In the short term, a break below 147.27 will confirm the next implusive move lower. Only a break above resistance at 147.89 will delay the expected downside pressure for one final rally higher to 148.25 before moving lower again.
Trading recommendation:
We are short in EUR from 148.10 with stop placed at 148.30. If you are not short in EUR yet, then sell near 147.89 or upon a break below 147.27 with the same stop at 148.30.
The material has been provided by InstaForex Company – www.instaforex.com
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