Elliott wave analysis of EUR/JPY for May 3 – 2016
May 3, 2016 6:20 amVideo
Latest News
- EUR/USD. May 8th. The market continues to rest against the background of an empty calendar May 8, 2024
- Technical Analysis – USDCAD enjoys renewed strength May 8, 2024
- Technical Analysis – US 500 index advances towards all-time high May 8, 2024
- GBP/USD. May 8th. The pound does not expect a rate cut by the Bank of England May 8, 2024
- Video market update for May 08, 2024 May 8, 2024
- Technical Analysis – EURJPY flirts with 167.00 again May 8, 2024
- Technical Analysis – WTI oil futures restart downtrend May 8, 2024
- Forex forecast 05/08/2024: EUR/USD, Oil, Gold and SP500 from Sebastian Seliga May 8, 2024
- Technical Analysis – GBPUSD pulls back after testing 50-day SMA May 8, 2024
- Market Comment – US dollar recovers, stocks’ rally stalls as market tries to find its footing May 8, 2024
- USD/JPY: trading tips for beginners for European session on May 8 May 8, 2024
- Weekly Technical Outlook: 08/05/2024 – USDJPY, GBPUSD, USDCAD May 8, 2024
- Technical Analysis – Gold stands above 2,300 May 8, 2024
- Trading plan for GBP/USD on May 8. Simple tips for beginners May 8, 2024
- Trading plan for EUR/USD on May 8. Simple tips for beginners May 8, 2024
- Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Wednesday May 08, 2024. May 8, 2024
- Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 08, 2024. May 8, 2024
- Forecast for EUR/USD on May 8, 2024 May 8, 2024
- Forecast for GBP/USD on May 8, 2024 May 8, 2024
- Forecast for AUD/USD on May 8, 2024 May 8, 2024
Wave summary:
The extremely erratic decline from 141.06 could have bottomed at 121.66, but if this is the case, then a break above minor resistance at 122.95 should be seen soon and, more importantly, a break above resistance at 124.04 will confirm the low for a new rally back to 126.47.
That said, we have to be aware of the possibility of more downside pressure to below 121.66 for a move closer to 117.99 as long as minor resistance at 122.95 is able to protect the upside.
Trading recommendation;
We are long in EUR from 122.95 with stop placed at 121.65. If you are not long in EUR yet, then buy a break above 122.95 and use the same stop at 121.65 expecting to move it higher soon,
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: