Elliott wave analysis of EUR/JPY for November 7 – 2014
November 7, 2014 10:10 am
Today’s support and resistance levels:
R3: 143.62
R2: 143.28
R3: 142.90
Current spot: 142.77
S1: 142.47
S2: 142.17
S3: 141.70
Technical summary:The correction in red wave iv is still unfolding and we are still looking for a decline to 141.70 before the next impulsive rally higher towards 146.15 to end wave (iii). Short-term minor resistance at 142.90 should protect the upside for the decline to 141.70, but only a break above resistance at 143.62 confirms that red wave iv is over and red wave v is developing.
Trading recommendation:We will still buy EUR at 142.00 or upon a break above 143.62 with a stop at 140.50.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 143.62
R2: 143.28
R3: 142.90
Current spot: 142.77
S1: 142.47
S2: 142.17
S3: 141.70
Technical summary:The correction in red wave iv is still unfolding and we are still looking for a decline to 141.70 before the next impulsive rally higher towards 146.15 to end wave (iii). Short-term minor resistance at 142.90 should protect the upside for the decline to 141.70, but only a break above resistance at 143.62 confirms that red wave iv is over and red wave v is developing.
Trading recommendation:We will still buy EUR at 142.00 or upon a break above 143.62 with a stop at 140.50.
The material has been provided by InstaForex Company – www.instaforex.com
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