empty
 
 
29.04.2014 01:01 PM
Elliott wave analysis of EUR/JPY for April 29, 2014

This image is no longer relevant

Today's Support and Resistance levels:

R3: 143.20

R2: 142.73

R1: 142.47

Current spot: 142.38

S1: 141.98

S2: 141.68

S3: 140.99

Technical summary:

The break above resistance at 141.99 has changed our short term count slightly. Instead of red wave ii being in place at 142.00 it has extended towards the 70.7% corrective target at 142.47. As long as support at 141.98 protects the downside, it could even extend a little further towards 142.72 before renewed downside pressure should be expected. However, a break below support at 141.98 will be the first indication, that red wave ii is over and red wave iii lower towards 136.55 is ready to take over.

Trading recommendation:

Stay short in EUR from 141.68 and keep your stop at 143.50. If you are not short in EUR yet, then sell near 142.47 with the same stop at 143.50.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback