Elliott Wave Analysis of EUR/JPY for July 25, 2014
July 25, 2014 9:10 am
Today’s support and resistance levels:
R3: 137.50
R2: 137.34
R1: 137.19
Current spot: 137.10
S1: 136.97
S2: 136.81
S3: 136.64
Technical summary:
We have seen the expected rally in red wave iv. It should be just a matter of time before this correction is over. As long as support at 136.97 protects the downside, we could still see a move closer to 137.34 before red wave iv finally is in place and red wave v is ready to take over for the next decline to 135.49 and longer term for a decline closer to 134.34, where wave C is equal in length to wave A.
Trading recommendations:
We will keep our EUR sell order at 137.20 with stop placed at 138.15.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 137.50
R2: 137.34
R1: 137.19
Current spot: 137.10
S1: 136.97
S2: 136.81
S3: 136.64
Technical summary:
We have seen the expected rally in red wave iv. It should be just a matter of time before this correction is over. As long as support at 136.97 protects the downside, we could still see a move closer to 137.34 before red wave iv finally is in place and red wave v is ready to take over for the next decline to 135.49 and longer term for a decline closer to 134.34, where wave C is equal in length to wave A.
Trading recommendations:
We will keep our EUR sell order at 137.20 with stop placed at 138.15.
The material has been provided by InstaForex Company – www.instaforex.com
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