Elliott wave analysis of EUR/JPY for August 14, 2014 Todays - TopicsExpress



          

Elliott wave analysis of EUR/JPY for August 14, 2014 Todays support and resistance levels: R3: 137.52 R2: 137.34 R1: 137.18 Current spot: 137.13 S1: 136.85 S2: 136.75 S3: 136.60 Technical summary: Wave iv ended just 4 small pips above our ideal target of 137.14 (the high came in at 137.18). Now, we are looking for a break below support at 136.85 to confirm that wave iv is over and lower wave v at 134.34 is developing. At 134.34, wave C will be equal in length to wave A. As we approch the ideal 134.34 target, we expect the minor swings to be more volatile. Trading recommendation: We sold EUR at 137.10 with our stop placed at 137.80. Upon a break below 136.85, we will move our stop lower to 137.20. If you are not short in EUR yet, then sell near 137.17 or upon a break below 136.85 with the same stops. The material has been provided by InstaForex Company - instaforex
Posted on: Thu, 14 Aug 2014 08:38:47 +0000

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