Elliott wave analysis of EUR/JPY for November 26, 2013
November 26, 2013 7:15 am
Today’s Support and Resistance levels:
R3: 138.30
R2: 137.99
R1: 137.58
Current Spot: 137.33
S1: 137.02
S2: 136.60
S3: 136.02
Technical summary:
After a high at 137.99 touched yesterday, we have seen a correction towards the important support at 137.02. As long as this support protects the downside, we will be looking for one last rally to a new high just above 137.99, but not beyond 138.30. As a break above 138.30 will make wave iii the shortest wave and that is not allowed under the Elliott Wave Principle. That means from just above 137.99 or upon a break below 137.02, we will be looking for a major correction towards at least 124.74.
Trading recommendation:
Keep your stop+reverse on long EUR-positions at 137.02 and your take profit + reverse at 138.20. Place stop at 138.35
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 138.30
R2: 137.99
R1: 137.58
Current Spot: 137.33
S1: 137.02
S2: 136.60
S3: 136.02
Technical summary:
After a high at 137.99 touched yesterday, we have seen a correction towards the important support at 137.02. As long as this support protects the downside, we will be looking for one last rally to a new high just above 137.99, but not beyond 138.30. As a break above 138.30 will make wave iii the shortest wave and that is not allowed under the Elliott Wave Principle. That means from just above 137.99 or upon a break below 137.02, we will be looking for a major correction towards at least 124.74.
Trading recommendation:
Keep your stop+reverse on long EUR-positions at 137.02 and your take profit + reverse at 138.20. Place stop at 138.35
The material has been provided by InstaForex Company – www.instaforex.com
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