Tuesday, 3 June 2014

Elliott wave analysis of EUR/JPY for June 3, 2014 Trend News

2014-06-03-EURNZD-8H.png


Today's Support and Resistance levels:


R3: 1.6179


R2: 1.6131


R1: 1.6109


Current spot: 1.6052


S1: 1.6039


S2: 1.5974


S3: 1.5930


Technical summary:


We are locked in a short-term consolidation after the break above the falling trendline resistance. However, this consolidation should be over soon and a break above minor resistance at 1.6109 will confirm acceleration higher towards 1.6179 and likely even higher towards 1.6517 on the way higher towards 1.6996.


Short-term support will be found at 1.6039 and again at 1.5974, but ideally support at 1.6039 will be strong enough to protect the downside for the next rally higher.


Trading recommendation:


Stay long in EUR from 1.5858 and keep your stop at 1.5970. If you are not long in EUR yet, then buy near 1.6039 or upon a break above 1.6109 with the same stop at 1.5970.


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



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