Elliott wave analysis of EUR/JPY for October 21, 2014
October 21, 2014 8:55 am
Today’s support and resistance levels:
R3: 137.27
R2: 137.00
R1: 136.78
Current spot: 136.63
S1: 136.47
S2: 136.23
S3: 136.00
Technical summary:
Nothing has really changed here. Even the current spot is exactly the same as yesterday. We are still looking for a final rally higher to 137.67 to end wave b and set the stage for wave c lower towards the 130.59 – 131.52 area. The correction from 145.69 has turned into a complex double zig-zag correction and we are currently in the middle of the second zig-zag correction.
Trading recommendation:
We will sell EUR at 137.67 with stop placed at 138.67.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 137.27
R2: 137.00
R1: 136.78
Current spot: 136.63
S1: 136.47
S2: 136.23
S3: 136.00
Technical summary:
Nothing has really changed here. Even the current spot is exactly the same as yesterday. We are still looking for a final rally higher to 137.67 to end wave b and set the stage for wave c lower towards the 130.59 – 131.52 area. The correction from 145.69 has turned into a complex double zig-zag correction and we are currently in the middle of the second zig-zag correction.
Trading recommendation:
We will sell EUR at 137.67 with stop placed at 138.67.
The material has been provided by InstaForex Company – www.instaforex.com
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