Technical summary:
The break above 147.03 suggests that an x-wave higher to nearly 148.23, but not above this resistance, is unfolding. Once we get close to 148.23, we should look for signs, that the next zig-zag correction lower is unfolding towards 142.06. However, if resistance at 148.23 is broken, then the correction unfolding shifts to a flat correction calling for a return to 149.78 before lower in wave c.
Trading recommendation:
Our stop+reverse at 147.05 was hit and we are now long in EUR from 147.05 and will place stop at 145.90 and take profit at 148.05
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for December 23 - 2014 . Thanks for your support.
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