Elliott wave analysis of EUR/JPY for February 26, 2014
February 26, 2014 8:15 am
Today’s Support and Resistance levels:
R3: 141.87
R2: 141.29
R1: 140.83
Current spot: 140.62
S1: 140.37
S2: 140.13
S3: 139.74
Technical summary:
The minor triangle broke towards the downside for a test of support at 140.13 before renewed upside pressure emerged. Besides the small detour has changed nothing, and we are still looking for a move higher towards the ideal target at 142.26 before the x-wave from 136.23 finally comes to and end and the next decline towards the 38.2% corrective target of the rally from 94.10 to 145.69 sets in.
Trading recommendation:
We will sell EUR at 142.00.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 141.87
R2: 141.29
R1: 140.83
Current spot: 140.62
S1: 140.37
S2: 140.13
S3: 139.74
Technical summary:
The minor triangle broke towards the downside for a test of support at 140.13 before renewed upside pressure emerged. Besides the small detour has changed nothing, and we are still looking for a move higher towards the ideal target at 142.26 before the x-wave from 136.23 finally comes to and end and the next decline towards the 38.2% corrective target of the rally from 94.10 to 145.69 sets in.
Trading recommendation:
We will sell EUR at 142.00.
The material has been provided by InstaForex Company – www.instaforex.com
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