Elliott wave analysis of EUR/JPY for November 24 – 2014
November 24, 2014 11:40 am
Today’s support and resistance levels:
R3: 147.92
R2: 147.45
R1: 147.01
Current spot: 146.70
S1: 146.52
S2: 146.29
S3: 146.03
Technical summary:
The decline from 149.13 does have impulsive characters. Short term, we will be looking for resistance next to 147.01 for one more impulsive decline to the 144.83 – 145.25 area to end wave a of the correction. We will be looking for a deeper decline in wave (ii) towards 142.06 before the correction in wave (ii) is over and wave (iii) higher is expected.
Trading recommendation:
We will sell EUR at 146.90 with a stop at 147.92 and take profit at 145.50.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 147.92
R2: 147.45
R1: 147.01
Current spot: 146.70
S1: 146.52
S2: 146.29
S3: 146.03
Technical summary:
The decline from 149.13 does have impulsive characters. Short term, we will be looking for resistance next to 147.01 for one more impulsive decline to the 144.83 – 145.25 area to end wave a of the correction. We will be looking for a deeper decline in wave (ii) towards 142.06 before the correction in wave (ii) is over and wave (iii) higher is expected.
Trading recommendation:
We will sell EUR at 146.90 with a stop at 147.92 and take profit at 145.50.
The material has been provided by InstaForex Company – www.instaforex.com
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