Elliott Wave Analysis of EUR/JPY for November 29, 2013
November 29, 2013 6:30 am
Today’s Support and Resistance Levels:
R3: 139.89
R2: 139.70
R1: 139.55
Current Spot: 139.22
S1: 138.88
S2: 138.31 – Break below this support will be the first indication of a top in place
S3: 137.77
Technical Summary:
With a high at 139.70 (just 19 pips below the ideal target at 139.89) we could have the top of wave v of 5. However, we need a break below 138.33 as the first good indication, but only a break below important support at 137.10 confirms the top for a major wave II correction, that will take us down to at least 124.92 (the origin of the ending diagonal).
Short-term, as long as support at 138.31 stays unbroken, we could still see one last rally higher towards the ideal target at 139.89 before the top is finally in place.
Trading Recommendation:
We sold EUR at 139.50 with a stop at 140.50. If you are not short EUR already, then sell near 139.89 or upon a break below 138.31 with the same stop at 140.50.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance Levels:
R3: 139.89
R2: 139.70
R1: 139.55
Current Spot: 139.22
S1: 138.88
S2: 138.31 – Break below this support will be the first indication of a top in place
S3: 137.77
Technical Summary:
With a high at 139.70 (just 19 pips below the ideal target at 139.89) we could have the top of wave v of 5. However, we need a break below 138.33 as the first good indication, but only a break below important support at 137.10 confirms the top for a major wave II correction, that will take us down to at least 124.92 (the origin of the ending diagonal).
Short-term, as long as support at 138.31 stays unbroken, we could still see one last rally higher towards the ideal target at 139.89 before the top is finally in place.
Trading Recommendation:
We sold EUR at 139.50 with a stop at 140.50. If you are not short EUR already, then sell near 139.89 or upon a break below 138.31 with the same stop at 140.50.
The material has been provided by InstaForex Company – www.instaforex.com
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