Elliott wave analysis of EUR/JPY for March 20, 2014
March 20, 2014 8:00 am
Today’s Support and Resistance levels:
R3: 142.24
R2: 141.99
R1: 141.74
Current spot: 141.52
S1: 141.29
S2: 141.06
S3: 140.73
Technical summary:
The consolidation in red wave iv has become more complex and a small triangle could be forming, but once this consolidation is over a new decline into the target area between 139.79 and 140.20 is still expected. Once this target area is tested, look for a correction towards 142.00 and maybe slightly higher towards 142.40 before the next impulsive decline lower should be expected. In the longer term, the correction from 145.69 should make it down to at least the 38.2% correction of the rally from 94.10 to 145.69 at 126.00.
Trading recommendation:
Short EUR positions should have been opened at 141.90. Move the stop lower to 142.30, and take profit should be placed at 140.25.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.24
R2: 141.99
R1: 141.74
Current spot: 141.52
S1: 141.29
S2: 141.06
S3: 140.73
Technical summary:
The consolidation in red wave iv has become more complex and a small triangle could be forming, but once this consolidation is over a new decline into the target area between 139.79 and 140.20 is still expected. Once this target area is tested, look for a correction towards 142.00 and maybe slightly higher towards 142.40 before the next impulsive decline lower should be expected. In the longer term, the correction from 145.69 should make it down to at least the 38.2% correction of the rally from 94.10 to 145.69 at 126.00.
Trading recommendation:
Short EUR positions should have been opened at 141.90. Move the stop lower to 142.30, and take profit should be placed at 140.25.
The material has been provided by InstaForex Company – www.instaforex.com
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