Elliott wave analysis of EUR/JPY for February 20, 2018
February 20, 2018 6:23 am
Wave summary:
We continue to look for a corrective pop into the 134.73 – 135.39 area before the next strong decline towards 129.30 on the way lower to 123.43 is seen.
The short-term support at 131.70 is expected to protect the downside for a break above the minor resistance at 132.62, that calls for the expected corrective rally higher to 134.73.
R3: 133.79
R2: 133.39
R1: 132.45
Pivot: 131.85
S1: 131.60
S2: 131.20
S3: 130.56
Trading recommendation:
We are long EUR from 132.70 with stop placed at 131.50 and take profit at 134.50
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We continue to look for a corrective pop into the 134.73 – 135.39 area before the next strong decline towards 129.30 on the way lower to 123.43 is seen.
The short-term support at 131.70 is expected to protect the downside for a break above the minor resistance at 132.62, that calls for the expected corrective rally higher to 134.73.
R3: 133.79
R2: 133.39
R1: 132.45
Pivot: 131.85
S1: 131.60
S2: 131.20
S3: 130.56
Trading recommendation:
We are long EUR from 132.70 with stop placed at 131.50 and take profit at 134.50
The material has been provided by InstaForex Company – www.instaforex.com
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