Elliott wave analysis of EUR/JPY for March 24, 2014
March 24, 2014 10:55 am
Today’s Support and Resistance levels:
R3: 142.50
R2: 142.11
R1: 141.72
Current spot: 141.38
S1: 141.26
S2: 140.90
S3: 140.43
Technical summary:
As we predicted on Friday, a low was seen at 140.43 and a correction higher towards 142.11 – 142.50. This expected corrective cycle is unfolding according to our prediction and we expected this corrective target area to be tested soon. Once this correction terminates a renewed downside pressure towards at least 136.45 should be expected. A break below 141.26 will indicate that the corrective cycle has ended and wave iii lower is developing.
Trading recommendation:
Sell EUR at 142.40 or upon a break below 141.26 and place your stop at 143.85.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.50
R2: 142.11
R1: 141.72
Current spot: 141.38
S1: 141.26
S2: 140.90
S3: 140.43
Technical summary:
As we predicted on Friday, a low was seen at 140.43 and a correction higher towards 142.11 – 142.50. This expected corrective cycle is unfolding according to our prediction and we expected this corrective target area to be tested soon. Once this correction terminates a renewed downside pressure towards at least 136.45 should be expected. A break below 141.26 will indicate that the corrective cycle has ended and wave iii lower is developing.
Trading recommendation:
Sell EUR at 142.40 or upon a break below 141.26 and place your stop at 143.85.
The material has been provided by InstaForex Company – www.instaforex.com
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