empty
 
 
10.08.2018 05:08 AM
Elliott wave analysis of EUR/JPY for August 10, 2018

This image is no longer relevant

The break below support at 128.48 has shifted the preferred count in favor of a large expanded flat developing as wave ii. Under this count, the ideal target for wave C of ii is seen at 126.00 from where a new impulsive rally in wave iii should take over.

Time wise wave ii is approaching its limit, which is nine times the time-span of wave i. This time-limit is seen on August 30.

Short-term resistance is now seen at 128.48 and again at 129.00. The later should be able to cap the upside. A break above 129.00, will be the first warning that the corrective pattern in wave ii could have completed.

R3: 129.46

R2: 129.00

R1: 128.48

Pivot: 128.14

S1: 127.78

S2: 127.34

S3: 127.06

Trading recommendation:

Our stop at 128.45 was hit for a 27 pips loss. We will be looking for a new EUR-buying opportunity at 126.25 or upon a break above 129.00.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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 $8000 more!
    In March we raffle $8000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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