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26.06.2014 10:48 AM
Elliott wave analysis of EUR/JPY for June 26 - 2014

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Today's Support and Resistance levels:

R3: 139.35

R2: 139.07

R1: 138.78

Current spot: 138.71

S1: 138.57

S2: 138.27

S3: 137.97

Technical summary:

Not much to add here. We are still hoovering just below improtant resistance at 138.90 and as long as this resistance protects the upside, we will be looking for a break below support at 138.28 to confirm the next impulsive decline towards 136.23.

However, the risk remains a break above 138.90 for a slight continuation higher to 139.18 before lower.

Trading recommendation:

We remain short in EUR from 138.55 with stop at 139.55. If you are not short in EUR yet, then sell after a break below 138.28 with the same stop.

Summary
Urgency
Analytic
Torben Melsted
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