empty
 
 
04.08.2014 10:43 AM
Elliott wave analysis of EUR/JPY for August 4, 2014

This image is no longer relevant

Today's support and resistance levels:

R3: 138.44

R2: 138.11

R1: 138.11

Current spot: 137.88

S1: 137.72

S2: 137.50

S3: 137.25

Technical summary:

We saw a rally to 138.00, just below the ideal target of 138.05, but that should be enough to achieve the target. Now, we will be looking for a break below support at 137.72 and more importantly below support at 137.50. That will confirm that red wave iv ended at 138.00 and red wave v lower towards 135.49 is developing. That said, as long as support at 137.50 protects the downside we could still see one final spike to 138.05, but we will not bet on that outcome.

Trading recommendation:

We sold EUR at 138.00 with stop placed at 138.25. If you are not short in EUR yet, then sell near 138.00 or upon a break below 137.72 with the same stop at 138.25.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Torben Melsted
Start trade
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback