Elliott wave analysis of EUR/JPY for February 22 – 2016
February 22, 2016 7:40 am
Wave summary:
We have finally seen a clear break below important support at 126.05 calling for a continuation lower to 124.00 to end wave a of the very complex triple three zig-zag correction that has been unfolding since the 141.04 high.
Short term, we expect minor resistance at 125.57 and more importantly support at 125.90 to protect the upside for the expected decline closer to 124.00.
Only a direct break above 125.90 indicates that wave a already is over and a rally in wave b towards 130.00 is unfolding.
Trading recommendation:
We are short EUR from 126.10 and will move our stop lower to 125.65. Take profit will be placed at 124.25
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We have finally seen a clear break below important support at 126.05 calling for a continuation lower to 124.00 to end wave a of the very complex triple three zig-zag correction that has been unfolding since the 141.04 high.
Short term, we expect minor resistance at 125.57 and more importantly support at 125.90 to protect the upside for the expected decline closer to 124.00.
Only a direct break above 125.90 indicates that wave a already is over and a rally in wave b towards 130.00 is unfolding.
Trading recommendation:
We are short EUR from 126.10 and will move our stop lower to 125.65. Take profit will be placed at 124.25
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: