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31.03.2014 01:58 PM
Elliott wave analysis of EUR/JPY for March 31, 2014

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Today's Support and Resistance levels:

R3: 142.50

R2: 142.11

R1: 141.70

Current spot: 141.47

S1: 141.22

S2: 140.96

S3: 140.64

Technical summary:

We saw an attempt to break lower on Friday, but it failed and was followed by a quick rally above 140.95, indicating that the decline only was and x-wave in a complex corrective cycle. We are now looking for support in the 140.64 - 140.96 area to protect the downside for one last rally higher towards 142.11 and maybe even higher towards 142.50 before renewed downside pressure is seen for a decline towards 136.45.

Trading recommendation:

Our stop at 140.95 was hit for a small loss. Sell EUR at 142.35 with a stop at 143.80.

Summary
Urgency
Analytic
Torben Melsted
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