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10.06.2014 10:29 AM
Elliott wave analysis of EUR/JPY for June 10, 2014

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Today's Support and Resistance levels:

R3: 140.08

R2: 139.75

R1: 139.46

Current spot: 139.02

S1: 138.97

S2: 138.67

S3: 138.45

Technical summary:

Blue wave ii became slightly deeper than expected as it touched 138.97, but we think blue wave ii is over and will be looking for a break above minor resistance at 139.46 as the first good indication that blue wave iii is developing for a rally towards 141.10 as wave (c) of the on-going triangle consolidation.

If minor resistance at 139.46 protects the upside for a break below 138.97, the downside sould be limited to 138.70 before the next rally higher.

Trading receommendation:

We are long in EUR at 139.39 with stop placed at 138.60 and take profit at 141.50. If you are not long in EUR yet, then buy upon a break above 139.46 with a stop at 138.90.

Summary
Urgency
Analytic
Torben Melsted
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