You are here: Home > articles > Elliott Wave > Elliott wave analysis of EUR/JPY for November 25 – 2014
Elliott wave analysis of EUR/JPY for November 25 – 2014
November 25, 2014 11:20 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
Today’s support and resistance levels:
R3: 147.39
R2: 147.05
R1: 146.88
Current spot: 146.73
S1: 146.52
S2: 146.29
S3: 146.02
Technical summary:
The rally in wave (i) to 149.13 became a bit unusual as the rally ended at 149.13, where it was 423.6% the distance traveled in wave i added to the top of wave i. Looking at the upper chart, we can see that these former resistance points now act as both support and resistance as the correction from 149.13 is unfolding. The decline from 149.13 was halted at the 300% extension target for a minor rally to the 361.8% extension target before turning lower again. We will now be looking for the next part the decline from 149.13 lower to 144.58 before the next minor rally. In the short term, we expect minor resistance at 146.85 to protect the upside for the next decline towards 144.58.
Trading recommendation:
We sold EUR at 146.90 and will move our stop lower to 147.50 and place take profit at 144.75. If you are not short in EUR yet, then sell near 146.85 with the same stop and take profit levels.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: