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29.10.2014 12:02 PM
Elliott wave analysis of EUR/JPY for October 29 - 2014

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Today's support and resistance levels:

R3: 137.95

R2: 137.80

R1: 137.75

Current spot: 137.72

S1: 137.48

S2: 137.23

S3: 136.90

Technical summary:

The target for wave B at 137.82 has been reached. Now, we will be looking for a break below minor support at 137.21 and more importantly a break below support at 136.90 to confirm that wave B is over and wave C lower to 130.73 is developing. As long as support at 137.21 protects the downside, we could still see a move slightly higher to 137.95, but the upside potential should be limited from here.

Trading recommendation:

We are short in EUR from 137.70 with stop placed at 138.10. If you are not short in EUR yet, then sell near 137.82 or upon a break below 137.21 with the same stop at 138.10.

Summary
Urgency
Analytic
Torben Melsted
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