Elliott Wave analysis of EUR/JPY for June 11, 2013
June 11, 2013 8:15 amVideo
Latest News
- Outlook for GBP/USD on April 30. Another baseless growth from the pound April 30, 2024
- Outlook for EUR/USD on April 30. A boring day for the euro April 30, 2024
- CFTC report: faith in the dollar grows stronger April 30, 2024
- The euro should surrender. Resistance is futile April 30, 2024
- Analysis for GBP/USD on April 29th. The market is waiting for important statistics April 29, 2024
- Technical Analysis – GBPAUD in danger of bearish shift as it tests 50% Fibonacci April 29, 2024
- Trading Signals for EUR/USD for April 29-30, 2024: sell below 1.0750 (200 EMA – 4/8 Murray) April 29, 2024
- Trading Signals for GBP/USD for April 29-30, 2024: sell below 1.2553 (200 EMA – overbought) April 29, 2024
- Weekly Technical Outlook – USDJPY, EURUSD, Oil April 29, 2024
- Trading Signals for GOLD (XAU/USD) for April 29-30, 2024: buy above $2,322 (21 SMA – rebound) April 29, 2024
- Weekly Technical Outlook: 29/04/2024 – USDJPY, EURUSD, Oil April 29, 2024
- Technical Analysis – Apple stock bounces off 1-year low April 29, 2024
- Technical Analysis – GBPUSD recovers from 5-month low April 29, 2024
- USD/JPY: Simple trading tips for novice traders on April 29th (US session) April 29, 2024
- GBP/USD: Simple trading tips for novice traders on April 29th (US session) April 29, 2024
- EUR/USD: Simple trading tips for novice traders on April 29th (US session) April 29, 2024
- GBP/USD: trading plan for the US session on April 29th (analysis of morning deals). The pound continues to be bought at every April 29, 2024
- EUR/USD: trading plan for the US session on April 29th (analysis of morning deals). The euro remains locked in a side channel April 29, 2024
- Technical Analysis – USDJPY plummets after 34-year high of 160.20 April 29, 2024
- EUR/USD. April 29th. The bulls continue to advance April 29, 2024
Today’s Support and Resistance levels:
R3: 131.31
R2: 131.00
R1: 130.68
Current Spot: 130.45
S1: 129.91
S2: 129.20
S3: 128.48
Technical overview:
The x-wave ended a little higher (131.31) than the ideal 130.88, where it would have corrected 61.8% of the decline from 133.81 down to 126.11. Now we are looking for the second zig-zag lower towards the ideal wave 2 target at 118.73, where wave 2 will have corrected 38.2% of wave 1 and at the same time it is where we will find the bottom of wave iv, of one lesser degree. In the short term we expect resistance at 130.68 will protect the upside for a decline towards 129.20 where we will find the next strong support, but it should just be a matter of time before this support breaks and the decline towards 126.11 and 118.73 continues. That said, a break above 131.31 and, more importantly, a break above 131.47 would call for a full test of the top at 133.81 and maybe even higher in a much more complex wave 2 correction.
Trading recommendation:
We are short EUR from 130.75 with a stop at 131.50. If you are not short EUR already, then sell near 130.68 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: