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27.02.2014 10:30 AM
Elliott wave analysis of EUR/JPY for February 27, 2014

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Today's Support and Resistance levels:

R3: 140.98

R2: 140.78

R1: 140.29

Current spot: 140.09

S1: 139.87

S2: 139.65

S3: 139.18

Technical summary:

Over the last couple of days the expected pattern has changed into a possible larger triangle, where we have seen the first three waves and it is currently working on the d wave higher towards 140.98 before the final e wave lower. Once this e wave is in place, we should see a break towards the upside, but for now we need to pay close attention to the final two legs of the triangle. In the short term we will be looking for a break above minor resistance at 140.29 to confirm that wave d is developing for a move closer to 140.98.

Trading receommendation:

We will stay neutral for now, but we will sell EUR at 142.00.

Summary
Urgency
Analytic
Torben Melsted
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