Elliott wave analysis of EUR/JPY for June 17, 2014
June 17, 2014 11:40 am
Today’s Support and Resistance levels:
R3: 138.93
R2: 138.68
R1: 138.52
Current spot: 138.32
S1: 138.10
S2: 137.95
S3: 137.70
Technical summary:
Well we needed one last minor low at 137.70 before the bottom of blue wave (b) was finally in place. The rally of the 137.70 low has been in five wave calling for more upside, once this minor correction is over. In the short term we will look for support at 138.25, which ideally will protect the downside for a break above 138.52 for a continuation higher towards 139.37.
However, if minor support at 138.25 is broken, then it will delay the immediate upside action for a slightly deeper correction towards 138.11 before trading higher again.
Trading recommendation:
We are long in EUR from 138.40 with stop at 137.65. If you are not long in EUR yet, then buy upon a break above 138.52 with the same stop at 137.65.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 138.93
R2: 138.68
R1: 138.52
Current spot: 138.32
S1: 138.10
S2: 137.95
S3: 137.70
Technical summary:
Well we needed one last minor low at 137.70 before the bottom of blue wave (b) was finally in place. The rally of the 137.70 low has been in five wave calling for more upside, once this minor correction is over. In the short term we will look for support at 138.25, which ideally will protect the downside for a break above 138.52 for a continuation higher towards 139.37.
However, if minor support at 138.25 is broken, then it will delay the immediate upside action for a slightly deeper correction towards 138.11 before trading higher again.
Trading recommendation:
We are long in EUR from 138.40 with stop at 137.65. If you are not long in EUR yet, then buy upon a break above 138.52 with the same stop at 137.65.
The material has been provided by InstaForex Company – www.instaforex.com
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