Elliott wave analysis of EUR/JPY for November 17 – 2014
November 17, 2014 1:20 pm
Today’s support and resistance levels:
R3: 145.64
R2: 145.47
R1: 145.08
Current spot: 144.90
S1: 144.78
S2: 144.54
S3: 144.28
Technical summary:
We have just seen the expected rally to 145.92 and this target was even exceeded with a spike to 146.53 before the top was finally in place. Now, we will be looking for a correction towards wave iv at 142.06 before the next impulsive rally higher can be expected. At this point, only a direct break above resistance at 146.53 will call for a continuation higher to 148.30 before the final top is in place.
Trading recommendation:
Our take profit at 145.75 was hit and we booked a nice little profit on our longs from 144.71. We will sell EUR at 145.80 with stop placed at 146.60.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 145.64
R2: 145.47
R1: 145.08
Current spot: 144.90
S1: 144.78
S2: 144.54
S3: 144.28
Technical summary:
We have just seen the expected rally to 145.92 and this target was even exceeded with a spike to 146.53 before the top was finally in place. Now, we will be looking for a correction towards wave iv at 142.06 before the next impulsive rally higher can be expected. At this point, only a direct break above resistance at 146.53 will call for a continuation higher to 148.30 before the final top is in place.
Trading recommendation:
Our take profit at 145.75 was hit and we booked a nice little profit on our longs from 144.71. We will sell EUR at 145.80 with stop placed at 146.60.
The material has been provided by InstaForex Company – www.instaforex.com
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