Elliott wave analysis of EUR/JPY for November 6 – 2014
November 6, 2014 12:55 pm
Today’s support and resistance levels:
R3: 144.22
R2: 143.85
R1: 143.50
Current spot: 143.26
S1: 142.85
S2: 142.53
S1: 141.70
Technical summary:
Red wave iii moved directly higher to 144.22 and we should now see red wave iv correct lower to 141.70 before red wave v move higher to 146.15 to end wave iii. Short term we are looking for resistance at 142.50 for a break below support at 142.85 that confirms the decline in red wave iv towards 141.70 before higher again.
Trading recommendation:
Our stop at 143.00 was hit for a nice little profit. We will buy EUR again at 142.00 with a stop at 140.30.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 144.22
R2: 143.85
R1: 143.50
Current spot: 143.26
S1: 142.85
S2: 142.53
S1: 141.70
Technical summary:
Red wave iii moved directly higher to 144.22 and we should now see red wave iv correct lower to 141.70 before red wave v move higher to 146.15 to end wave iii. Short term we are looking for resistance at 142.50 for a break below support at 142.85 that confirms the decline in red wave iv towards 141.70 before higher again.
Trading recommendation:
Our stop at 143.00 was hit for a nice little profit. We will buy EUR again at 142.00 with a stop at 140.30.
The material has been provided by InstaForex Company – www.instaforex.com
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