EUR/JPY Elliott Wave analysis for June 14, 2013
June 14, 2013 6:45 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
Today’s support and resistance levels:
R3: 128.81
R2: 128.17
R1: 127.42
Current Spot: 126.67
S1: 126.22
S2: 125.50
S3: 124.96
Technical overview:
We are looking for a decline in wave 2 towards the ideal target at 118.73. Since the top of wave 1 at 133.81 we have seen a zigzag correction as wave-w interrupted by an x-wave and ideally we are in wave y down towards at least 123.75, where the ongoing wave y will be equal to wave w. That said we will have to consider an alternative count, in which the x-wave is not over yet. In this alternative count, the rally from 127.62 to 131.31 only was wave a of the x-wave. The decline from 131.31 to 124.95 was wave b of the x-wave and we are just entering wave c of the x-wave for a rally towards 132.51. If this count is to become our top count, we will need a break above 128.17. If however, resistance at 128.17 protects the upside for a break below 126.15 and, more importantly, below 124.96, then we can be sure, that the x-wave did end at 131.31 and wave y is ongoing for a decline towards 123.75 and possibly lower.
Trading recommendation:
We short EUR from 130.75 with a stop at 128.25, but we will also buy EUR here in the expectation of a rally to 132.51. If you do not have a position in this cross, then consider entering a short EUR position if 126.15 breaks with a stop+reversal at 128.25 or entering a long EUR position if 128.17 breaks with a stop at 126.00
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: