Elliott wave analysis of EUR/JPY for October 23 – 2014
October 23, 2014 9:50 am
Today’s support and resistance levels:
R3: 137.27
R2: 137.00
R1: 136.78
Current spot: 136.15
S1: 136.00
S2: 135.76
S3: 135.44
Technical summary:
We are currently looking for signs to confirm whether wave B has ended early at 136.71 that a break below 135.63 and more importantly a break below 135.20 will confirm. However, if resistance at 137.00 is broken, then the B-wave is still unfolding for the final rally higher to 137.76 before wave C lower will be ready to take over for a decline to 130.59.
Trading recommendation:
We are short in EUR from 135.76 and will place our stop at 137.10. If you are not short in EUR yet, then sell after a break below 135.63 with the same stop.
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: 136.15
S1: 136.00
S2: 135.76
S3: 135.44
Technical summary:
We are currently looking for signs to confirm whether wave B has ended early at 136.71 that a break below 135.63 and more importantly a break below 135.20 will confirm. However, if resistance at 137.00 is broken, then the B-wave is still unfolding for the final rally higher to 137.76 before wave C lower will be ready to take over for a decline to 130.59.
Trading recommendation:
We are short in EUR from 135.76 and will place our stop at 137.10. If you are not short in EUR yet, then sell after a break below 135.63 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: