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13.08.201805:46 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 13, 2018

Long-term review

Exchange Rates 13.08.2018 analysis

The decline in wave c of ii has exceeded the expected target of 126.01 and it looks like more downside pressure will be needed after a correction towards 127.30. We do not expect this final decline to move much below 125.20 and it must stay above the start of wave i at 124.59. If this low is broken that will invalidate our bullish count and a re-count will then be needed.

Short-term a break above 126.23 will confirm that wave iii/ of c has completed and a corrective rally to 127.30 is developing in wave iv/ of c before the final dip to just below 125.20 to complete wave v/ of c and the expanded flat correction in wave ii.

R3: 127.30

R2: 126.81

R1: 126.23

Pivot: 125.75

S1: 125.22

S2: 124.97

S3: 124.59

Trading recommendation:

We bought EUR at 126.26 and we will start by placing our stop at 124.50.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Torben Melsted,
Chuyên gia phân tích của InstaForex
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