Elliott wave analysis of EUR/JPY for February 13, 2014
February 13, 2014 3:20 pm
Today’s Support and Resistance levels:
R3: 140.24
R2: 139.89
R1: 139.66
Current Spot: 139.08
S1: 138.88
S2: 138.17
S3: 137.54
Technical Summary:
The decline from 140.30 is not the ideal fit that we would like, but we will give the downside the benefit of the doubt and look for more downside pressure as long as resistance at 139.66 and more importantly as long as resistance at 140.24 protects the upside. In the short term, it is likely to take a break below 138.88 to confirm renewed downside pressure towards 138.17 and lower towards 136.22. Any break above 140.24 will prolong this rise and indicate that wave B of a flat correction is developing.
Trade recommendation:
Stay short EUR from 140.00 and move your stop lower to 140.35. If you are not short EUR yet, then sell EUR upon a break below 138.88 with the same stop at 140.35.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 140.24
R2: 139.89
R1: 139.66
Current Spot: 139.08
S1: 138.88
S2: 138.17
S3: 137.54
Technical Summary:
The decline from 140.30 is not the ideal fit that we would like, but we will give the downside the benefit of the doubt and look for more downside pressure as long as resistance at 139.66 and more importantly as long as resistance at 140.24 protects the upside. In the short term, it is likely to take a break below 138.88 to confirm renewed downside pressure towards 138.17 and lower towards 136.22. Any break above 140.24 will prolong this rise and indicate that wave B of a flat correction is developing.
Trade recommendation:
Stay short EUR from 140.00 and move your stop lower to 140.35. If you are not short EUR yet, then sell EUR upon a break below 138.88 with the same stop at 140.35.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: