Elliott wave analysis of EUR/JPY for February 18, 2014
February 18, 2014 8:25 am
Today’s Support and Resistance levels:
R3: 141.63
R2: 141.23
R1:140.98
Current spot: 140.71
S1: 140.53
S2: 140.33
S3: 140.17
Technical summary:
The break above resistance at 140.07 indicated that we shall look for a rally towards at least 142.40, where wave c will be equal in length to wave a, but we could see wave c extend higher towards the 2 times wave target at 145.61, before we should see renewed downside pressure.
In short term we will be looking for support at 140.33 protecting the downside for the next rally higher towards 142.40 as the first major target for this rally.
Trading recommendation:
Our stop + reverse at 140.10 was hit and we took a small loss, now stay long in EUR at 140.10 and place our stop at 139.45. If you are not long in EUR yet, then buy EUR close to 140.33 with the same stop at 139.45.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 141.63
R2: 141.23
R1:140.98
Current spot: 140.71
S1: 140.53
S2: 140.33
S3: 140.17
Technical summary:
The break above resistance at 140.07 indicated that we shall look for a rally towards at least 142.40, where wave c will be equal in length to wave a, but we could see wave c extend higher towards the 2 times wave target at 145.61, before we should see renewed downside pressure.
In short term we will be looking for support at 140.33 protecting the downside for the next rally higher towards 142.40 as the first major target for this rally.
Trading recommendation:
Our stop + reverse at 140.10 was hit and we took a small loss, now stay long in EUR at 140.10 and place our stop at 139.45. If you are not long in EUR yet, then buy EUR close to 140.33 with the same stop at 139.45.
The material has been provided by InstaForex Company – www.instaforex.com
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