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06.11.2014 12:31 PM
Elliott wave analysis of EUR/JPY for November 6 - 2014

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Today's support and resistance levels:

R3: 144.22

R2: 143.85

R1: 143.50

Current spot: 143.26

S1: 142.85

S2: 142.53

S1: 141.70

Technical summary:

Red wave iii moved directly higher to 144.22 and we should now see red wave iv correct lower to 141.70 before red wave v move higher to 146.15 to end wave iii. Short term we are looking for resistance at 142.50 for a break below support at 142.85 that confirms the decline in red wave iv towards 141.70 before higher again.

Trading recommendation:

Our stop at 143.00 was hit for a nice little profit. We will buy EUR again at 142.00 with a stop at 140.30.

Summary
Urgency
Analytic
Torben Melsted
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