empty
 
 
13.05.2014 12:18 PM
Elliott wave analysis of EUR/JPY for May 13, 2014

This image is no longer relevant

Today's support and resistance levels:

R3: 141.57

R2: 141.10

R1: 140.95

Current spot: 140.73

S1: 140.50

S2: 140.13

S3: 139.84

Technical summary:
Since the 139.84 low a simple zig-zag correction has unfolded. This correction should soon end for renewed downside pressure towards 139.84 and lower towards 137.01. Short-term break below minor support at 140.13 would confirm that the correction is over.

In longer term, we are still looking for a much deeper correction of the rally from 94.10 to 145.69 towards the ideal target at 126.00.

Trading recommendation:
Our sell order at 140.95 was exactly hit and we are now short EUR and will place stop at 141.60. If you are not shot EUR yet, then sell here or upon a break below 140.13 with the same stop at 141.60.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback