Wednesday, 26 February 2014

Elliott wave analysis of EUR/JPY for February 26, 2014 Trend News

EUR-JPY.png


Today's Support and Resistance levels:


R3: 141.87


R2: 141.29


R1: 140.83


Current spot: 140.62


S1: 140.37


S2: 140.13


S3: 139.74


Technical summary:


The minor triangle broke towards the downside for a test of support at 140.13 before renewed upside pressure emerged. Besides the small detour has changed nothing, and we are still looking for a move higher towards the ideal target at 142.26 before the x-wave from 136.23 finally comes to and end and the next decline towards the 38.2% corrective target of the rally from 94.10 to 145.69 sets in.


Trading recommendation:


We will sell EUR at 142.00.


The material has been provided by InstaForex Company - www.instaforex.com



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