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19.11.2014 12:11 PM
Elliott wave analysis of EUR/JPY for November 19 - 2014

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Today's support and resistance levels:

R3: 147.59

R2: 147.39

R1: 147.05

Current spot: 147.03

S1: 147.00

S2: 146.78

S3: 146.38

Technical summary:

The possible b-wave of the expanded flat pattern has extended higher and is closing in on the maximum target at 147.59. This resistance has to protect the upside for a break below support at 147.00 and more importantly below support at 146.78 confirming that wave c lower to 142.05 is developing. However, if resistance at 147.59 is broken too, then the potential b-wave count will be invalidated. Instead, the count shifts to wave (v) still being in action towards 148.30 before the correction lower.

Trading recommendation:

Our long from 146.35 was stopped at 146.75 with a small loss. We are still looking to sell and will sell EUR again at 147.50 or upon a break below 147.00 with a stop at 148.50.

Summary
Urgency
Analytic
Torben Melsted
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