empty
 
 
07.07.2014 10:15 AM
Elliott wave analysis of EUR/JPY for July 7, 2014

This image is no longer relevant

Today's Support and Resistance levels:

R3: 139.00

R2: 138.92

R1: 138.83

Current spot: 138.64

S1: 138.54

S2: 138.37

S3: 138.10

Technical summary:

The decline from 139.28 is impulsive that indicates that more downside should be seen. That means we would still like to see a break below minor support at 138.54 as an extra indication that a top was indeed found at 139.28 for a decline towards at least 138.10 and more likely lower to 137.66.

In the short term a minor correction towards the 138.83 - 139.00 area cannot be excluded before the next real downside pressure takes over for the break below 138.54 on the way lower to 138.10.

Trading recommendation:

We are short in EUR from 138.95 with stop placed at 139.35. If you are not short in EUR yet, then sell near 139.00 or upon a break below 138.54 with the same stop at 139.35.

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