Elliott Wave analysis of EUR/JPY for November 7, 2013
November 7, 2013 8:15 am
Today’s Support and Resistance levels:
R3: 134.84
R2: 134.15
R1: 133.73
Current Spot: 133.38
S1: 133.14
S2: 132.85
S3: 132.36
Technical summary:
The correction went a little lower yesterday to 132.86, but that does not change our overall bullish bias for a rally higher towards 137.05 over the coming weeks. We think we are currently in wave c of v of an ending diagonal. The downside should now be protected by strong short-term support at 132.86 for the continuation higher towards 134.14 and 134.84 on the way higher to 137.05. The absolute maximum for the ongoing wave c is at 138.39 as wave iii never can be the shortest wave and that would be the case here if we see a break above 138.39.
An unexpected break below 132.86 will confuse the picture, but only a break below 132.37 will invalidate our bullish count.
Trading recommendation:
Stay long EUR from 133.20 and keep you stop at 132.30. If you are not long EUR yet, then buy near 133.14 or upon a break above 133.50 with the same stop at 132.30.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 134.84
R2: 134.15
R1: 133.73
Current Spot: 133.38
S1: 133.14
S2: 132.85
S3: 132.36
Technical summary:
The correction went a little lower yesterday to 132.86, but that does not change our overall bullish bias for a rally higher towards 137.05 over the coming weeks. We think we are currently in wave c of v of an ending diagonal. The downside should now be protected by strong short-term support at 132.86 for the continuation higher towards 134.14 and 134.84 on the way higher to 137.05. The absolute maximum for the ongoing wave c is at 138.39 as wave iii never can be the shortest wave and that would be the case here if we see a break above 138.39.
An unexpected break below 132.86 will confuse the picture, but only a break below 132.37 will invalidate our bullish count.
Trading recommendation:
Stay long EUR from 133.20 and keep you stop at 132.30. If you are not long EUR yet, then buy near 133.14 or upon a break above 133.50 with the same stop at 132.30.
The material has been provided by InstaForex Company – www.instaforex.com
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