Daily analysis of major pairs for February 6, 2014 Trend News

EUR/USD: This is a bear market in spite of the sideways movement on it and the bulls’ intent. With an expected increase in the bearish pressure, the price should be able to breach the support line at 1.3500 to the downside, going further downward. The EMA 56 is a hurdle to the bulls’ intent.

USD/CHF: This is a bull market in spite of the sideways movement on it and the bears’ intent. With an expected increase in the bullish pressure, the price should be able to test the resistance level of 0.9100 to the upside, going further upwards (this week or next week). The support level at 0.9000 is a hurdle to the bears’ intent.

GBP/USD: On the Cable, further bearish attempt has met a challenge at the accumulation level of 1.6250, but the price could go back to test that level again. The market is bearish as long as it is below the distribution territory at 1.6400. In addition, the fundamental figures coming out today would have impact on the markets.

USD/JPY: There is a kind of equilibrium phase in this market, although the overall bias is bearish. There is a need for the price to challenge and overcome the demand level at 101.00, so that the bearish outlook in the market can continue to make sense. Short trades would be preferable.

EUR/JPY: Generally, this currency cross is trying to recover the little loss it has seen this week. This attempt has been very limited – for the power of the bulls is limited in this market. The demand zone at 136.00 is the ultimate target for this week or next week, but there could be certain pullbacks before the target is reached.

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Technical analysis of EUR/USD for February 6, 2014 Trend News

When the European market opens, some economic news will be released such as Retail PMI, French 10-y Bond Auction, German Factory Orders m/m, Minimum Bid Rate, .The US will release the most important economic data such as the US-Trade Balance, US-Unemployment Claims, US-Challenger Job Cuts y/y, US-Prelim Nonfarm Productivity q/q, US-Prelim Unit Labor Costs q/q, US-Natural Gas Storage, so amid the reports, EUR/USD will move with medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3600.

Strong Resistance:1.3592.

Original Resistance: 1.3579.

Inner Sell Area: 1.3666.

Target Inner Area: 1.3634.

Inner Buy Area: 1.3602.

Original Support: 1.3489.

Strong Support: 1.3476.

Breakout SELL Level: 1.3468.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3489 and 1.3579. The rate is accompanied by strong support at 1.3476 and by 1.3592 as strong resistance.

If EUR/USD breaks out and closes below the 1.3468 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3600 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3602 and at 1.3666, a SELL position. In this case both targets should be placed at the level of 1.3634.

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for February 6, 2014 Trend News

In Asia, Japan will release the 30-y Bond Auction, and the US will release some economic data such as US-Trade Balance, US-Unemployment Claims, US-Challenger Job Cuts y/y, US-Prelim Nonfarm Productivity q/q, US-Prelim Unit Labor Costs q/q, US-Natural Gas Storage. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 101.93.

Resistance. 2: 101.73.

Resistance. 1: 101.53.

Support. 1: 101.29.

Support. 2: 101.09.

Support. 3: 100.89.

DESCRIPTION:

Please, pay attention to the levels of support 3 (100.89) and resistance 3 (101.93). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of EUR/JPY for February 06, 2014 Trend News

Technical analysis and chart setups:

1. The EUR/JPY looks to form a base around 136.00/136.50 levels. This region is also fibonacci 0.618 support for the rally between 131.00 and 145.50. It is recommended to remain long from yesterday, risk remains just below 136.00.

2. Resistance is at 142.00/143.00 and 145.50, while support is spread through 134.00, 131.00 and 128.00 respectively.

3. The structure reveals that a bullish bounce is due from the current levels of 136.00/137.00. Minimum implications are at the trend line resistance around 140.00. A break above that, may push towards 143.00.

Trading recommendations:

Remain long, stop is at 136.00, target is open.

Good luck!

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Technical analysis of Silver for February 06, 2014. Trend News

Technical outlook and chart setups:

1. Silver seems to have resumed towards fresh swing highs as expected. A morning star was produced at sub $19.00 levels indicating a reversal. It is recommended to hold long positions and look to add further on dips. It is possible that prices remain between $19.00-$20.00 before final thrust on the higher side.

2. Intermediary resistance is at $20.50, followed by $21.00 and higher up, while supports are placed at $19.00 and $18.75 respectively.

3. The structure indicated that a major bottom is formed at sub $18.00 levels for the metal to rally towards fresh highs at $22.00 and $23.70.00 respectively.

Trading recommendations:

Remain long, stop is at $18.50, target is $22.00.

Good luck!

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Technical analysis of Gold for February 06, 2014. Trend News

Technical outlook and chart setups:

1. Gold has tested recent swing high at $1,279.00 before falling back sharply. Indications from here are pointing low towards at least $1,215.00. It is still recommended to hold short positions, risk remains at $1,282.50.

2. Immediate intermediary resistance is at $1,279.00, followed by $1,290/95, while supports are at $1,230.00, $1,218.00/20.00 and $1,182.00 respectively.

3. The structure indicates of a bottom in place at $1,180.00/82.00. A downswing should be under way towards $1,220.00/15.00 levels before rallying towards fresh highs.

Trading recommendations:

Remain short for now, stop at $1,282.50, target at $1,220.00.

Good luck!

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Technical analysis of GBP/CHF for February 06, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF is expected to resume down swing towards 1.4400 and 1.4000. It is recommended to hold on short positions and also look to sell rallies (intraday - inter day).

2. Immediate resistance is at 1.4940/50, while major is at the 1.5120/30 level, while supports are at 1.4550/60, 1.4400, 1.4200, and lower.

3. The structure remains unchanged for now. Till the time prices remain below 1.5120/30, it should continue drifting lower towards 1.4400 and 1.4000. The weekly chart shows that a major top could have formed at 1.5120/30 and reversal is underway.

Trading recommendations:

Remain short, stop is at 1.5120/30, target is 1.44 and 1.400.

Good luck!

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Daily analysis of GBP/USD for February 06, 2014 Trend News

Daily chart: This pair continues to find support on the bullish trend line near the support level of 1.6235. If the pair manages to break this support, it is expected to fall to the level of 1.6146. Furthermore, the GBP/USD is forming a bearish pattern, which could favor the current bearish bias. If this pair manages to break the resistance level of 1.6326, it's expected to rise to the level of 1.6447. The MACD indicator is in negative territory.

H4 chart: The bearish bias is even more evident in this chart, since the GBP/USD stays below the 200 SMA and the resistance level of 1.6336. If the pair manages to break the support level of 1.6247, it's expected to fall to the level of 1.6218, which would be a strong bearish consolidation. The MACD indicator remains in positive territory.

H1 chart: The GBP/USD has not been able to get out of the range between the 1.6331 and 1.6252 levels. These levels are very strong, as the point of control is in the middle of these levels, so this area is considered "high volatility". However, if the pair manages to break the support level of 1.6252, it's expected to fall to the level of 1.6216. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6291, take profit is at 1.6252, and stop loss is at 1.6329.

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Technical analysis of USD/CHF for February 6, 2014 Trend News

Forecast :

• According to the previous events, the price of the USD/CHF pair has still been moving between 0.9070 and 0.9003.


• Buy above the 0.8950 price with the first target of 0.9040, it might resume to 0.9105.


• Stop loss should be set below 0.8925.


• Sell below the 0.9115 price with the first target of 0.9066; also, it will call for downtrend in order to continue its bearish movement towards 0.8973.


• Stop loss should be placed at the level of 0.9145.

Intraday Technical Levels :

Date:6/02/2014

Pair:USD/CHF

Projected high: 0.9194

Breakout (buy stop): 0.9139

Strong resistance (sell limit): 0.9109

Current Pivot: 0.9030

Strong support (buy limit): 0.8950

Breakout (sell stop): 0.8925

Projected low: 0.8875

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Technical analysis of USD/CAD for February 6, 2014 Trend News

Overview :

• The USD/CAD pair has already formed a strong resistance at the level of 1.1163; furthermore, the same level is coinciding with the ratio of 78.6% Fibonacci retracement levels. Equally important, it should be noticed that a minor support will be set at the level of 1.1025 around the 38.2% Fibonacci retracement levels in H1 chart. As shown, the price of the USD/CAD pair has been trapping between 1.1030 and 1.1150; it should be also noted that the price moved higher to 1.1170 and turned lower. So, the range will be about 130 pips this week. Additionally, the RSI and the moving average (100) are still calling for sideways trend. Consequently, the market is going to indicate bullish opportunities at the levels of 1.1025 and 1.1033; with the first target of 1.1110 and continuing towards 1.1163 in order to the resistance at the 1.1163 price. On the other hand, if the price closes below 1.1163. Hence, the price will call for a bearish market to go further towards the double bottom at 1.1060 to test it again.

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Technical analysis of USD/JPY for Feburary 05, 2014 Trend News

Overview:

USD/JPY is expected to trade in lower range after hitting two-month low 100.76 Tuesday.It is underpinned by yen-funded carry trades amid improved investor risk sentiment (VIX fear gauge eased 10.87% to 19.11, S&P rose 0.76% overnight) on rise in U.S. ISM-NY current business conditions index to 64.4 in January from 63.8 in December, smaller-than-expected 1.5% drop in U.S. December factory orders (versus minus 1.8% forecast), while emerging-market currencies stabilized against the dollar Tuesday after recent sell-off. USD/JPY is also supported by the demand from Japan importers,rebounding of U.S. Treasury yields. But USD/JPY gains are tempered by Japan exporter sales.

Technical сomment:

Daily chart is still negative-biased as MACD and stochastics are bearish, although latter is at oversold zone,5 and 15-day moving averages are declining.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 100.7 in mind. A breach of this target would move the pair further downwards to 100.4. The pivot point stands at 101.95. In case the price moves in the opposite direction, bounces back from support, and then moves above its pivot point, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended with the first target at 102.6 and the second target at 102.9.

Resistance levels:

102.6

102.9

103.25

Support levels:

100.7

100.4

100.1

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USD/CAD intraday technical levels and trading recommendations for February 5, 2014 Trend News

Bulls have managed to hit fresh highs (around 1.1220) since 2009.

Temporarily, USD failed to keep its gains against CAD, and the USD/CAD pair was pushed to the downside, thus indicating weakness of the ongoing bullish momentum. This is manifested in the recent weekly candlestick closures depicted in the chart.

The prominent resistance zone is located around 1.1230-1.1250 corresponding to 50% Fibonacci level of the bearish movement that had been extending since March 2009 and ended in July 2011.

The pair has a significant support zone between 1.0700 and 1.0730 representing the upper limit of consolidation range that got broken last month.

Re-testing of this zone would probably provide a valid BUY entry for the mid-term.

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Technical analysis of NZD/USD for Feburary 05, 2014 Trend News

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8255 and the second target at 0.83. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.812. A breach of this target will push the pair further downwards and one may expect the second target at 0.804. The pivot point is at 0.816.

Resistance levels:

0.8255

0.83

0.8345

Support levels:

0.812

0.804

0.798

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GBP/USD intraday technical levels and trading recommendations for February 5, 2014. Trend News

The GBP/USD pair failed to fixate above 1.6600 on January 24. Instead, a strong bearish impulse initiated quickly pushing the pair towards 1.6250 .

Around 1.6250, previous multiple tops were established. That's why a considerable support is expected to be found there.

Near 1.6250 extending down to 1.6200, the lower limit of the ongoing bullish channel comes to meet the pair. Bullish pressure may be expressed on retesting.

On the other hand, breakdown of 1.6200-1.6250 on a daily basis turns the ongoing bullish bias into a bearish one targeting at 1.6140 initially.

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Technical analysis of GBP/JPY for Feburary 05, 2014 Trend News

Overview:

GBP/JPY is expected to trade in lower range. It is underpinned by reduced investor risk aversion and demand from Japan importers. But GBP/JPY gains are tempered by the Japan exporter sales. Daily chart is still negative-biased as MACD is bearish; stochastics stays suppressed at oversold zone, 5 and 15-day moving averages are declining.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 163.85 in mind. A breach of this target will move the pair further downwards to 162.95. The pivot point stands at 166.9. In case the price moves in the opposite direction, bounces back from support, and then moves above its pivot point, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended with the first target at 168.2 and the second target at 169.7.

Resistance levels:

167.5

168.2

168.9

Support levels:

163.85

162.95

162

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Intraday technical levels and trading recommendations for EUR/USD for February 5, 2014 Trend News

A breakout above the previous resistance level of 1.3450 allowed bulls to higher levels around 1.3650, and then 1.3750 within the bullish channel.

Later on, obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904). Instead, a breakdown of the lower limit of the depicted bullish channel took place on January 2. This led to the previous bearish impulse that almost reached 1.3520.

Last week, the pair expressed another bearish breakdown of the demand zone of 1.3550-1.3500 (long-term uptrend line as well as SMA-100). This opened the way directly towards 1.3475 that was hit Yesterday. Any further bearish impulses will probably be targeting at 1.3455 (prominent Daily Support).

As we can see in the chart, bulls pushed towards the price levels around 1.3737 recently where strong bearish rejection was expressed.

As expected, a corrective bearish movement towards 1.3525-1.3500 took place shortly after.

The price zone of 1.3525-1.3500 failed to provide enough support for the pair. Instead, the pair has established a supply zone around the same price levels.

Fixation below this zone will gather further bearish momentum to push towards 1.3450 again then 1.3400 possibly.

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Technical analysis of USD/CHF for Feburary 05, 2014 Trend News

Overview:

USD/CHF is expected to range-trade. It is and supported by the reduced safe-haven appeal of franc as risk aversion recedes. But USD/CHF upside is limited by the franc demand on buoyant CHF/JPY cross. Daily chart is mixed as stochastics is neutral, MACD is in bearish mode, inside-day-range pattern was completed on Tuesday.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.908 and the second target at 0.91. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.898. A breach of this target will push the pair further downwards and one may expect the second target at 0.8955. The pivot point is at 0.9015.

Resistance levels:

0.908

0.91

0.912

Support levels:

0.898

0.8955

0.8925

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Intraday technical levels and trading recommendations for GBP/USD for February 5, 2014 Trend News

The GBP/USD pair successfully achieved its projection target around 1.6600 after the bullish breakout above 1.6250. This price level is acting as a daily resistance for the pair until now.

Last bullish movement exceeded 1.6600 rendering 1.6666 as the highest price in January. However, bearish engulfing daily candlestick was immediately expressed off these high levels (1.6666).

Some sideway consolidation (two Doji daily candlesticks) was expressed around 1.6600 until obvious bearish pressure was applied on the currency pair, resulting in a bearish pattern Three Black Crows, which was confirmed with Monday's daily closure.

The next demand level is located at 1.6250 where a recent bottom was established on December 17. Yesterday's candlestick barely reached 1.6257 and the resulting candlestick was a bullish hammer indicating bullish presence around 1.6250.

Today, another attempt to test 1.6250 is taking place. Daily closure should be observed for price action.

As mentioned before, the GBP/USD pair's short-term direction turned to be bearish after the breakdown at 1.6450-1.6460.

Fixation below 1.6450 triggered bearish pressure towards 1.6400, then 1.6300, which was hit during late Monday's consolidations.

The 4H chart shows a demand zone located at 1.6250-1.6280 corresponding to the backside of the depicted bearish channel as well as previous congestion zone.

This price zone may initiate corrective bullish movement to the upside to collect more sellers around 1.6400-1.6450. However, early fixation below this zone will bring further bearish momentum without the retesting of 1.6450.

Selling the pair is suggested at the retesting of 1.6450 with Stop Loss as daily closure above 1.6475.

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GOLD analysis for February 05, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of 1,252.20 on lower volume. Our previous analysis is still valid and if the price breaks the area of 1,266.00 on higher volume, we may expect further bullish movement and continuation of the bullish corrective phase. Otherwise, if the price breaks an area of 1,238.00, we may expect bearish continuation phase and possible testing of the level 1,222.00. We can observe large buying climax at the price of 1,264.7 which is a sign that buying gold at this stage looks risky. Buying gold looks risky since we are in short- and mid-term down trend, and we can also observe the finish of the major ABCD bullish corrective phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,258.80

R2: 1,262.00

R3: 1,267.20

Support levels:

S1: 1,248.40

S2: 1,245.20

S3: 1,240.00

Trading recommendation: Trading the metal, be careful with buying and try to catch the bearish continuation phase if the price breaks the area of 1.238.00

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EUR/NZD analysis for February 05, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, we tested the level of 1.6363 on ultra high volume (selling climax). We can observe selling climax at the price 1.6363 and also testing of our Fibonacci Retracement 61.8 % (1.6432).. Be careful with selling this pair since we got selling climax and Fibonacci retracement level around the price of 1.6430. Do not forget that EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky. Watch for buying opportunities on the dips and try to catch the bullish continuation phase.In case that price breaks the level of 1.6360 on higher volume, we may see testing of the level 1.6310 (major Fibonacci expansion 61.8%) before any bullish movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6679

R2: 1.6780

R3: 1.6943

Support levels:

S1: 1.6353

S2 : 1.6252

S3: 1.6089

Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the bullish continuation phase.

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#USDX technical analysis for February 5, 2014 Trend News

Weakness to overcome resistance at 81.40-50 will eventually bring the index back to its support levels at 80.40. This weakness sign makes us prefer short positions at current levels with 81.50 as a stop reverse. Short-term support is found at 80.60-40 and this is the first area we could see the decline pause.

The short-term trend is down. If prices fall below 81 we will see a move downwards towards at least 80.85-70. If the decline pauses near 80.70 we will consider buying as the upward move from 80.15 looks impulsive. So we either sell short with stop and reverse at 81.50 or wait to see how the decline unfolds. Possible buy level is 80.70. If prices break below 80.55, we could see a move towards 80.25.

The daily chart shows how prices got rejected again at 81.50. Last time, prices got rejected at this level with the index falling towards 80.15. So will we witness the same thing now? 81.50 is important resistance level as we have said for so much time now. Take this into accountRespect it. Sell short and reverse above it.

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Technical analysis of USD/CAD for Febuary 5, 2014 Trend News

General overview for 05/02/2014 09:30 CET

The corrective cycle in wave (ii) purple continues on this pair. There is one more wave to the upside missing according to the main count and the likely target for this wave is the grey rectangle area between the levels of 1.1135 - 1.1149. Any breakout above this area means the test of latest swing high is on the way. On the other hand, to continue with impulsive bearish wave progression, the market needs to break below the level of 1.1017.

Support/Resistance:

1.1222 - Swing High

1.1213 - WR1

1.1135 - 1.1149 - Demand Breakthrough Zone

1.1121 - Weekly Pivot

1.1095 - Intraday Resistance

1.1046 - Intraday Support

1.1017 - Technical Support

Trading recommendations:

Breakout above golden trend line is bullish and first aggressive buy stop orders might be opened from this area, but more conservative trader might want to wait for the level of 1.1095 is broken and then open long positions with SL below the level of 1.1046 and TP at the level of 1.1135.

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Gold Elliott wave analysis for February 5, 2014 Trend News

Gold price continues to trade below important resistance at $1,270 and above important support at $1,230. The current decline from $1,279 is not a clear impulsive move, so unless prices start a decline soon towards $1,220-$1,200 then we could say that this small downward move is part of a bigger upward correction that could push prices above $1,300.

In the 4 hour chart, we have to be alert if Gold price breaks above or below the two trend lines shown. If Gold price makes a move above $1,265 or below $1,245, then we could see an extension towards $,1280-90 or $1,230-20 respectively. For the decline to be impulsive, we will need a big downward wave as three of three because of the initial overlaping pattern. If this wave that started at $1,279 is still the part of correction, we could see a move towards $1,230 and then back if not straight up from here.

The daily chart above shows that prices battle around $1,260-50. Gold price remains supported on the daily level as it holds above $1,230. Additionaly, Gold price pattern of higher highs and higher lows has still not been canceled. If it breaks below $1,230, this pattern will be canceled and the trend will change to down on a daily level. For now, only short-term trend is down while intermediate-term trend is up targeting $1,320. Today, we will favor short positions near $1,260 and $1,270 stop and long positions near $1,250 with $1,245 stop.

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Technical analysis of EUR/JPY for Febuary 5, 2014 Trend News

General overview for 05/02/2014 09:00 CET

The lack of the impulsive wave development to the upside after supposed bottom for wave 4 purple has been fount doesn't look good for the main count. Moreover, market has not been able to break out above 137.50 level as well. Currently, the price starts to making lower highs and the test of the level of 136.21 is in view again. Breakout below of this level directly exposes the invalidation line at the level of 135.44. As long as this will not happen, the price stays in corrective cycle range zone.

Support/Resistance:

137.50 - Intraday Resistance

136.21 - Intraday Support

135.87 - WS1

135.44 - Invalidation Line

Trading recommendations:

As long as price stays within the corrective cycle price zone there is no good entry. Trade the breakout of the range in either direction.

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Elliott Wave Analysis of EUR/NZD for February 5, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6613

R2: 1.6547

R1: 1.6501

Current Spot: 1.6466

S1: 1.6426

S2: 1.6408

S3: 1.6395

Technical summary:

With the break below support at 1.6469 (the top of wave i), we have been forced to adopt the alternate triangle count as our preferred count. It shows a major X-wave triangle, which ultimately will call for a break out of the triangle towards the upside. In the short term, we think that the wave E would end at 1.6352 and would look for a break above 1.6500 as the first indication, while a break above resistance at 1.6603 would confirm the bottom for a new rally towards 1.6787 and more importantly a break above resistance at 1.6996.

As long as minor resistance at 1.6500 protects the upside, it opens the possibility for a slightly deeper correction towards 1.6408 and maybe even 1.6395 before higher again.

Trading recommendation:

Our stop at 1.6554 was hit for a nice little profit. We will buy EUR here at 1.6466 with a stop at 1.6210, but we expect to be able to raise the stop soon.

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Elliott Wave Analysis of EUR/JPY for February 5, 2014 Trend News

Today's Support and Resistance levels:

R3: 137.93

R2: 137.65

R1: 137.18

Current Spot: 136.82

S1: 136.09

S2: 135.36

S3: 134.77

Technical summary:

As expected, we saw a correction from the 136.22 low. The expected correction could have terminated slightly before our second target at 137.65 (the top came in at 137.54). We are now ready for the next impulsive decline towards 135.36 and possibly even lower towards 134.77. At this point only a break above 137.18 prolongs the correction towards 137.65 and maybe even slightly higher towards 137.93 before the next downside pressure.

Looking at the longer term picture, we are now getting close to the first major corrective target for the rally from 94.10 to 145.69, the 23.6% corrective target, which comes in at 133.52. We still think that the ideal corrective target is the 38.2% corrective target, which comes in at 125.99.

Trading recommendation:

Stay short from 141.80 and keep your stop at 138.30. If you are not short EUR yet, then sell EUR at near 136.91 with the same stop at 138.30.

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