Elliott wave analysis of EUR/JPY for July 22, 2014
July 22, 2014 7:25 am
Today’s support and resistance levels:
R3: 137.50
R2: 137.42
R1: 137.34
Current spot: 137.29
S1: 137.20
S2: 137.11
S3: 137.00
Technical summary:
We have seen a correction to 137.34 (well below the 137.50 maximum). Now, we are looking for a break below minor support at 137.20 to confirm that the correction is over and the next impulsive decline lower towards 134.34 is well underway. At 134.34, wave C will be equal in length to wave A. We should expect that support 134.34 will be able to protect the downside for a larger correction, but more about that, when we get there.
Trading recommendations:
We are short in EUR from 138.95 with stop placed at 137.95. If you are not short in EUR yet, then sell EUR near 137.34 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: 137.50
R2: 137.42
R1: 137.34
Current spot: 137.29
S1: 137.20
S2: 137.11
S3: 137.00
Technical summary:
We have seen a correction to 137.34 (well below the 137.50 maximum). Now, we are looking for a break below minor support at 137.20 to confirm that the correction is over and the next impulsive decline lower towards 134.34 is well underway. At 134.34, wave C will be equal in length to wave A. We should expect that support 134.34 will be able to protect the downside for a larger correction, but more about that, when we get there.
Trading recommendations:
We are short in EUR from 138.95 with stop placed at 137.95. If you are not short in EUR yet, then sell EUR near 137.34 with the same stop at 137.95.
The material has been provided by InstaForex Company – www.instaforex.com
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