Elliott wave analysis of EUR/JPY for July 10, 2014
July 10, 2014 9:00 am
Today’s support and resistance levels:
R3: 138.86
R2: 138.67
R1: 138.58
Current spot: 138.51
S1: 138.41
S2: 138.30
S1: 138.11
Technical summary:
We have seen the expected correction toward the ideal target at 138.86 (the high has been 138.72). As long as support at 138.41 protects the downside, we could still see one final rally higher to 138.86. However, a break below 138.41 and more importantly a break below 138.30 will indicate that the correction is over and the lower wave iii has taken over for a decline to 137.70 on the way towards 136.22.
Trading recommendation:
We are short in EUR from 138.95 with stop place at 139.30. If you are not short in EUR yet, then sell near 138.86 or upon a break below 138.30 with the same stop at 139.30.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 138.86
R2: 138.67
R1: 138.58
Current spot: 138.51
S1: 138.41
S2: 138.30
S1: 138.11
Technical summary:
We have seen the expected correction toward the ideal target at 138.86 (the high has been 138.72). As long as support at 138.41 protects the downside, we could still see one final rally higher to 138.86. However, a break below 138.41 and more importantly a break below 138.30 will indicate that the correction is over and the lower wave iii has taken over for a decline to 137.70 on the way towards 136.22.
Trading recommendation:
We are short in EUR from 138.95 with stop place at 139.30. If you are not short in EUR yet, then sell near 138.86 or upon a break below 138.30 with the same stop at 139.30.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: