Tuesday, 24 June 2014

Elliott wave analysis of EUR/JPY for June 24, 2014 Trend News

2014-06-24-EURJPY-8H.png


Today's Support and Resistance levels:


R3: 139.35


R2: 139.07


R1: 138.76


Current spot: 138.74


S1: 138.57


S2: 138.26


S3: 137.92


Technical summary:


We did see a break below support at 138.40 for a decline to 138.26, but the failure to follow through towards the downside and it is back to resistance at 138.76. As long as resistance at 138.76 protects the upside, we could still see an immediate break below support at 138.26 for a new decline below support at 137.72 for a decline to 136.23. However, a break above 138.76 will open up the upside for a move closer to 139.18 before down.


Trading recommendation:


We are short in EUR from 138.55 with stop placed at 139.55. If you are not short in EUR yet, then sell upon a break below 138.26 with stop at 139.55.


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



For detail explanation and best discovery on market trends you may visit via Elliott wave analysis of EUR/JPY for June 24, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for June 24, 2014

No comments:

Post a Comment