Elliott wave analysis of EUR/JPY for November 13 – 2014
November 13, 2014 2:20 pm
Today’s support and resistance levels:
R3: 144.43
R2: 144.20
R1: 143.98
Current spot: 143.90
S1: 143.74
S2: 143.45
S3: 143.25
Technical summary:
The correction in wave iv is still unfolding and we should soon see a break below 143.75 and more importantly below 143.45 calling for a decline to 142.46 and possibly even slightly lower to 142.06 before the final rally in wave v higher towards 145.21 will follow. Only a direct break above 144.43 will indicate, that wave iv already is in place and wave v higher is developing.
Trading recommendation:
We will 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: 144.43
R2: 144.20
R1: 143.98
Current spot: 143.90
S1: 143.74
S2: 143.45
S3: 143.25
Technical summary:
The correction in wave iv is still unfolding and we should soon see a break below 143.75 and more importantly below 143.45 calling for a decline to 142.46 and possibly even slightly lower to 142.06 before the final rally in wave v higher towards 145.21 will follow. Only a direct break above 144.43 will indicate, that wave iv already is in place and wave v higher is developing.
Trading recommendation:
We will buy EUR at 142.20 with a stop at 141.75.
The material has been provided by InstaForex Company – www.instaforex.com
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