Elliott wave analysis of EUR/JPY for July 18, 2014
July 18, 2014 9:35 am
Today’s support and resistance levels:
R3: 137.42
R2: 137.22
R1: 137.13
Current spot: 137.07
S1: 137.03
S2: 136.78
S3: 136.50
Technical summary:
We have seen the expected move to 135.49 is still unfolding as predicted. We have seen a test of the channel support line near 136.71 and should expect a minor correction high to 137.42 before the next downside pressure to below 136.71 for a lower move to 135.49.
In the short term, a break below support at 136.97 will confirm the next decline to 136.71 and lower towards 135.49.
Trading recommendations:
We are short in EUR from 138.95 and will move our stop lower to 137.95. If you are not short in EUR yet, then sell near 137.42 with the same stop at 137.95.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 137.42
R2: 137.22
R1: 137.13
Current spot: 137.07
S1: 137.03
S2: 136.78
S3: 136.50
Technical summary:
We have seen the expected move to 135.49 is still unfolding as predicted. We have seen a test of the channel support line near 136.71 and should expect a minor correction high to 137.42 before the next downside pressure to below 136.71 for a lower move to 135.49.
In the short term, a break below support at 136.97 will confirm the next decline to 136.71 and lower towards 135.49.
Trading recommendations:
We are short in EUR from 138.95 and will move our stop lower to 137.95. If you are not short in EUR yet, then sell near 137.42 with the same stop at 137.95.
The material has been provided by InstaForex Company – www.instaforex.com
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