Elliott wave analysis of EUR/JPY for November 4 – 2014
November 4, 2014 12:22 pm
Today’s support and resistance levels:
R3: 143.04
R2: 142.56
R1: 142.26
Current spot: 141.86
S1: 141.25
S2: 140.95
S3: 140.45
Technical summary:
There was no time for a correction to 140.40 and red wave iii moved directly higher towards 143.04 as the next upside target. If red wave iii ended a little early at 142.56, then we could see a new minor correction in red wave iv to 140.45 before the next powerful rally higher to 143.03 and higher to 144.64. Short-term support will be found at 141.25 and again at 140.45, which is expected to protect the downside for the next rally higher to 144.64
Trading Recommendation:
We will buy EUR at 140.50 or upon a break above 142.25 with a stop at 139.50.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 143.04
R2: 142.56
R1: 142.26
Current spot: 141.86
S1: 141.25
S2: 140.95
S3: 140.45
Technical summary:
There was no time for a correction to 140.40 and red wave iii moved directly higher towards 143.04 as the next upside target. If red wave iii ended a little early at 142.56, then we could see a new minor correction in red wave iv to 140.45 before the next powerful rally higher to 143.03 and higher to 144.64. Short-term support will be found at 141.25 and again at 140.45, which is expected to protect the downside for the next rally higher to 144.64
Trading Recommendation:
We will buy EUR at 140.50 or upon a break above 142.25 with a stop at 139.50.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: