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26.05.2014 11:13 AM
Elliott wave analysis of EUR/JPY for May 26, 2014

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Today's Support and Resistance levels:

R3: 139.74

R2: 139.31

R1: 139.10

Current spot: 138.98

S1: 138.63

S2: 138.51

S3: 138.38

Technical summary:

We have been trading in a very narrow range since Friday. This narrow range has been wave b of the ongoing correction, and we are still looking for a move closer to resistance at 139.74, to end blue wave iv and set the stage for blue wave v lower towards 137.21. In the short term we expect minor support at 138.73 to protect the downside for the correction towards 139.74 before lower in blue wave v.

Trading recommendation:

Sell EUR at 139.60 or upon a break below 138.73 and place stop at 141.25 expecting to be able to move it lower soon.

Summary
Urgency
Analytic
Torben Melsted
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