Elliott wave analysis of EUR/JPY for November 26 – 2014
November 26, 2014 11:40 am
Today’s support and resistance levels:
R3: 147.43
R2: 147.27
R1: 147.04
Current spot: 146.65
S1: 146.55
S2: 146.27
S3: 146.03
Technical summary:
The correction towards 142.06 is still unfolding. We are currently looking for a break below minor support at 146.55 to confirm the strong decline towards 143.82 on the way lower towards 142.06 to end the correction from 149.13. At this point only an unexpected break above 147.39 will delay the expected decline towards 142.06.
Trading recommendation:
We are short in EUR from 146.90 with stop place at 147.50. If you are not short in EUR yet, then sell near 146.85 with the same stop at 147.50.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 147.43
R2: 147.27
R1: 147.04
Current spot: 146.65
S1: 146.55
S2: 146.27
S3: 146.03
Technical summary:
The correction towards 142.06 is still unfolding. We are currently looking for a break below minor support at 146.55 to confirm the strong decline towards 143.82 on the way lower towards 142.06 to end the correction from 149.13. At this point only an unexpected break above 147.39 will delay the expected decline towards 142.06.
Trading recommendation:
We are short in EUR from 146.90 with stop place at 147.50. If you are not short in EUR yet, then sell near 146.85 with the same stop at 147.50.
The material has been provided by InstaForex Company – www.instaforex.com
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