Elliott wave analysis of EUR/JPY for November 12 – 2014
November 12, 2014 11:25 am
Today’s support and resistance levels:
R3: 144.08
R2: 143.80
R1: 143.65
Current spot: 143.44
S1: 143.25
S2: 142.93
S3: 142.55
Technical summary:
Red wave v and wave iii seem to have ended early at 144.70 and that means a correction in wave iv currently is unfolding towards 142.46 and maybe even slightly lower to 142.06. At this point, only a quick rally above 144.43 will call for a continuation higher towards 145.21 to end wave iii, but at this point that outcome seems quite unlikely.
Trading recommendation:
We are long in EUR from 143.62 and will close our position here at 143.44 with a minor loss. We will re-buy EUR at 142.20 with a stop at 141.75.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 144.08
R2: 143.80
R1: 143.65
Current spot: 143.44
S1: 143.25
S2: 142.93
S3: 142.55
Technical summary:
Red wave v and wave iii seem to have ended early at 144.70 and that means a correction in wave iv currently is unfolding towards 142.46 and maybe even slightly lower to 142.06. At this point, only a quick rally above 144.43 will call for a continuation higher towards 145.21 to end wave iii, but at this point that outcome seems quite unlikely.
Trading recommendation:
We are long in EUR from 143.62 and will close our position here at 143.44 with a minor loss. We will re-buy EUR at 142.20 with a stop at 141.75.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: