empty
 
 
04.09.2014 02:34 PM
Elliott wave analysis of EUR/JPY for September 04, 2014

This image is no longer relevant

Today's support and resistance levels:

R3: 138.47

R2: 138.27

R1: 138.01

Current spot: 137.89

S1: 137.68

S2: 137.58

S3: 137.38

Technical summary:

We have seen the expected small correction from the 138.27 high. Now, we should be ready for the next rally higher through 138.01 and more importantly above 138.27 for a rally towards 140.07 and higher. A strong break above 138.01 will also trigger the inverse S/H/S bottom, confirming the 140.07 target. That said, we have to accept the risk of a slightly deeper correction towards 137.38 as long as the minor resistance at 138.01 protects the upside.

Trading recommendation:

We are long in EUR from 137.35 and will keep our top at 136.45 for now. If you are not long in EUR yet, then buy near 137.38 or upon a break above 138.01 with the same stop at 136.45.

Summary
Urgency
Analytic
Torben Melsted
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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