Elliott wave analysis of EUR/JPY for November 11 – 2014
November 11, 2014 2:55 pm
Today’s support and resistance levels:
R3: 145.20
R2: 144.82
R1: 144.22
Current spot: 143.82
S1: 143.54
S2: 143.22
S3: 142.92
Technical summary:
Red wave iv ended early at 142.05. We should ideally see a break above 144.22 soon for a continuation higher towards 145.60 in red wave v. Only a break below support at 142.77 will indicate, that the correction in red wave iv is not over yet and will call for a new decline to 142.05 and possibly even lower to 141.70 to end red wave iv and set the stage for a final rally in red wave v towards 145.21.
Trading recommendation:
We bought EUR at 143.62 and will raise our stop to 142.75 and place our take profit at 145.40.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 145.20
R2: 144.82
R1: 144.22
Current spot: 143.82
S1: 143.54
S2: 143.22
S3: 142.92
Technical summary:
Red wave iv ended early at 142.05. We should ideally see a break above 144.22 soon for a continuation higher towards 145.60 in red wave v. Only a break below support at 142.77 will indicate, that the correction in red wave iv is not over yet and will call for a new decline to 142.05 and possibly even lower to 141.70 to end red wave iv and set the stage for a final rally in red wave v towards 145.21.
Trading recommendation:
We bought EUR at 143.62 and will raise our stop to 142.75 and place our take profit at 145.40.
The material has been provided by InstaForex Company – www.instaforex.com
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