Elliott wave analysis of EUR/JPY for June 6, 2014
June 6, 2014 11:00 amVideo
Latest News
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
- Hot forecast for EUR/USD on April 19, 2024 April 19, 2024
- We’ve Donated Books in Vietnam for Children’s Day April 19, 2024
- Week Ahead – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Technical Analysis – GBPJPY range trading continues April 19, 2024
- Overview of the GBP/USD pair on April 19th. The Bank of England may lower the rate in May April 19, 2024
- Overview of the EUR/USD pair on April 19th. Jerome Powell crushed all euro growth prospects April 19, 2024
- Key events on April 19: fundamental analysis for beginners April 19, 2024
Today’s Support and Resistance Levels:
R3: 140.08
R2: 139.93
R1: 139.65
Current Spot: 139.42
S1: 139.33
S2: 139.07
S3: 138.68
Technical Summary:
The ECB decision to lower rates send the eurp on a minor roller coaster ride. However, important resistance at 140.08 held firm and the downside pressure is still dominating this cross. In the short run, we are looking for below 139.07 and more importantly below 138.68 as confirmation, that a new decline towards 138.10 and lower is developing.
The risk is a break above 140.08, that will indicate that a triangle consolidation is developing and more consolidating time is needed before the downside can be explored again.
Trading recommendation:
We are short EUR at 139.49 with stop placed at 140.15. If you are not short EUR yet, then sell near 139.65 or upon a break below 139.07 with the same stop at 140.15
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: