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04.11.2014 12:03 PM
Elliott wave analysis of EUR/JPY for November 4 - 2014

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Today's support and resistance levels:

R3: 143.04

R2: 142.56

R1: 142.26

Current spot: 141.86

S1: 141.25

S2: 140.95

S3: 140.45

Technical summary:

There was no time for a correction to 140.40 and red wave iii moved directly higher towards 143.04 as the next upside target. If red wave iii ended a little early at 142.56, then we could see a new minor correction in red wave iv to 140.45 before the next powerful rally higher to 143.03 and higher to 144.64. Short-term support will be found at 141.25 and again at 140.45, which is expected to protect the downside for the next rally higher to 144.64

Trading Recommendation:

We will buy EUR at 140.50 or upon a break above 142.25 with a stop at 139.50.

Summary
Urgency
Analytic
Torben Melsted
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