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24.11.2014 01:07 PM
Elliott wave analysis of EUR/JPY for November 24 - 2014

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Today's support and resistance levels:

R3: 147.92

R2: 147.45

R1: 147.01

Current spot: 146.70

S1: 146.52

S2: 146.29

S3: 146.03

Technical summary:

The decline from 149.13 does have impulsive characters. Short term, we will be looking for resistance next to 147.01 for one more impulsive decline to the 144.83 - 145.25 area to end wave a of the correction. We will be looking for a deeper decline in wave (ii) towards 142.06 before the correction in wave (ii) is over and wave (iii) higher is expected.

Trading recommendation:

We will sell EUR at 146.90 with a stop at 147.92 and take profit at 145.50.

Summary
Urgency
Analytic
Torben Melsted
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