empty
 
 
23.06.2014 11:20 AM
Elliott wave analysis of EUR/JPY for June 23, 2014

This image is no longer relevant

Today's Support and Resistance levels:

R3: 139.40

R2: 139.18

R1: 138.76

Current spot: 138.74

S1: 138.62

S2: 138.40

S3: 138.09

Technical summary:

We are still looking for a top near 138.76. However as long as minor support at 138.40 is able to protect the downside, a break above 138.76 can not be excluded for a move closer to the 61.8% corrective target at 139.18 before the top is finally in place. That said, a break below minor support at 138.40 will indicate that the top is in place for a continuation lower to 137.72 and lower towards 136.23.

Trading recommendation:

We sold EUR at 138.55 with stop placed at 139.15. If you are not short in EUR yet, then sell close to 138.76 or upon a break below 138.40 with the same stop at 139.55.

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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