Daily analysis of USDX for October 23, 2015 Market Analysis Review

On the H1 chart, the USDX has been trading above the support level of 96.30 with a higher high pattern formation, as the index had a very strong bullish momentum during Thursday's session. The current structure is fractal enough to state that the USDX will perform a rally towards the level of 97.02 when a breakout successfully happens above 96.56. The MACD indicator is entering the overbought territory.

H1 chart's resistance levels: 96.56 / 97.02

H1 chart's support levels: 96.30 / 95.83

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen at 96.56, take profit is at 97.02, and stop loss is at 96.11.

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Technical analysis of EUR/USD for October 23, 2015 Market Analysis Review

When the European market opens, some economic news on the Belgian NBB Business Climate, Italian Retail Sales m/m, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI is due to be released. The US will unveil economic data on the Flash Manufacturing PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1136.

Strong Resistance:1.1130.

Original Resistance: 1.1119.

Inner Sell Area: 1.1108.

Target Inner Area: 1.1082.

Inner Buy Area: 1.1056.

Original Support: 1.1045.

Strong Support: 1.1034.

Breakout SELL Level: 1.1028.

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 October 23, 2015 Market Analysis Review

In Asia, Japan will release data on the Flash Manufacturing PMI. The US will publish economic data on the Flash Manufacturing PMI. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.38.

Resistance. 2: 121.14.

Resistance. 1: 120.91.

Support. 1: 120.62.

Support. 2: 120.39.

Support. 3: 120.15.

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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Daily analysis of GBP/USD for October 23, 2015 Market Analysis Review

The GBP/USD pair fell by over 100 pips during yesterday's session after it had found strong resistance around the level of 1.5500. Currently, we're seeing a possible lower low pattern formation below the 200 SMA and very close to the support zone of 1.5374. That level should be broken in order to do a bearish continuation towards the level of 1.5339. Our preferred scenario points to a rebound at the current stage. The MACD indicator is still at the negative territory.

H1 chart's resistance levels: 1.5411 / 1.5458

H1 chart's support levels: 1.5374 / 1.5339

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.5411, take profit is at 1.5458, and stop loss is at 1.5362.

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Technical analysis of USD/JPY for October 22, 2015 Market Analysis Review

USD/JPY is expected to trade in a higher range as bias remains bullish. Overnight, US stocks declined, dragged by falling healthcare and biotech shares. The Dow Jones Industrial Average declined 0.3% to 17,168, the S&P 500 lost 0.6% to 2,018, and the Nasdaq Composite dropped 0.8% to 4,840. Nymex crude oil fell 2.4% to $45.20 per barrel and gold was down 0.9% at $1,167 per ounce. The benchmark 10-year Treasury yield dropped to 2.030% from 2.071% in the previous session. Meanwhile, the US dollar strengthened against most other major currencies, in particular, against commodity-based ones amid growing concerns about slowing global growth. USD/CAD surged 1.2% to 1.3137 as Canada's central bank held interest rates unchanged while lowering its forecasts on the country's economic growth for the next two years. The pair continues being supported by a rising trend line, while trading around the 20- and 50-period intraday moving averages (MA). Meanwhile, the intraday relative strength index (RSI) is mixed to bullish around the neutrality level at 50. The intraday outlook remains bullish and the pair is expected to proceed towards the first upside target at 120.55 (last seen on October 12).

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 120.55 and the second target at 120.80. In the alternative scenario, short positions are recommended with the first target at 119.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 119.25. The pivot point is at 119.95.

Resistance levels:120.55 120.80 121.25

Support levels: 119.60 119.25 118.90

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Technical analysis of USD/CHF for October 22, 2015 Market Analysis Review

USD/CHF is expected to trade in a higher range. The pair remains on the upside above its rising 20- and 50-period intraday MAs. The formation of higher highs and lows remains intact, and this should confirm a positive outlook. Moreover, a support at 0.9670 should prevent any downward attempts. At last, the RSI is well directed, calling for a new rebound. To sum up, as long as 0.9670 is not broken, advance to 0.9740 and 0.9775 in extension is on the cards.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9740 and the second target at 0.9775. In the alternative scenario, short positions are recommended with the first target at 0.9645 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.96. The pivot point is at 0.9670.

Resistance levels: 0.9740 0.9775 0.9815

Support levels: 0.9645 0.96 0.9550

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Technical analysis of NZD/USD for October 22, 2015 Market Analysis Review

NZD/USD is expected to trade in a higher range. The pair has accelerated to the upside after breaking above its previous high at 0.6725, which is currently playing a key support role. The intraday RSI is well directed and calls for further upside as well. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.6845 at first. A break above this level would call for further advance towards 0.69 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6845 and the second target at 0.69. In the alternative scenario, short positions are recommended with the first target at 0.67 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6650. The pivot point is at 0.6725.

Resistance levels: 0.6845 0.69 0.6925 Support levels: 0.67 0.6650 0.6600

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Technical analysis of GBP/JPY for October 22, 2015 Market Analysis Review

GBP/JPY is expected to trade in a higher range as bias remains bullish. The pair stays above its key support at 184.60 and is moving sideways. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Further upside is therefore expected with the next horizontal resistance and overlap set at 185.80 at first. A break above this level would call for further advance towards 186.45 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 185.80 and the second target at 185.80. In the alternative scenario, short positions are recommended with the first target at 184.05 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 183.60. The pivot point is at 184.60.

Resistance levels: 185.80 186.45 187.25

Support levels: 184.05 183.60 183

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GBP/USD intraday technical levels and trading recommendations for October 22, 2015 Market Analysis Review

Overview:

Recently, strong bullish pressure was applied to the resistance level of 1.5800 via the recent bullish swing.

That is why the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later, the support level of 1.5555 got breached by the end of the previous month due to excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection on October 6.

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5480 for a low-risk sell entry.

This sell position was triggered last week on Wednesday. S/L should remain above 1.5530. T/P levels to be located at 1.5330 then 1.5150 later on.

Note that bearish persistence below the level of 1.5330 is needed for a further bearish decline towards the levels of 1.5100 and 1.5050. Otherwise, further bearish decline will be hindered.

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USD/CAD intraday technical levels and trading recommendations for October 22, 2015 Market Analysis Review

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls have moved further above the resistance level, which was bypassed on September 23.

A significant bearish rejection was observed around 1.3450 where 141.4% Fibonacci Expansion was roughly located.

Later on October 1, bearish persistence below 1.3270 (Fibonacci Expansion 100%) was expressed to maintain enough bearish pressure to expose the next support levels around 1.2910 and 1.2750 where long-term buy entries should be considered.

On the other hand, the price zone of 1.3075-1.3100 constitutes an intraday resistance to be watched for intraday sell entries.

As anticipated, it offered a valid sell position on Tuesday last week and it's being revisited again today.

The current price levels may offer another SELL entry if enough bearish rejection is expressed by the end of the day (Daily candlestick closure below 1.3075).

On the other hand, daily persistence above 1.3100 exposes the price level of 1.3270 (Fibonacci Expansion 100%) again.

Generally, the USD/CAD pair remains trapped between the levels of 1.2800 and 1.3100 until a breakout in either direction occurs.

Trading recommendations:

Conservative traders should wait for bearish pullbacks towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level acts as strong support.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Intraday technical levels and trading recommendations for GBP/USD for October 22, 2015 Market Analysis Review

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

The previous weekly candlestick closure above 1.5500 hindered a further bearish decline enhancing the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

However, recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5450 (neckline of the Head and Shoulders pattern).

It supported the bearish side of the market in the long term. An approximate projection target should be located at the level of 1.5050 for the reversal pattern.

In the short term, the nearest demand level around 1.5170 (intraday demand level and the origin of a previous bullish engulfing weekly candlestick) provided significant bullish rejection to the pair last week.

This week, a weekly candlestick closure below the level of 1.5350 (prominent weekly bottom) is needed to allow the further bearish decline to occur.

On the other hand, persistence above it hinders further bearish momentum giving time for sideways consolidations, which extended up to the levels of 1.5500 and 1.5550.

The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, the evident bullish candlestick took place around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks) leading to the recent bullish pullback towards 1.5600 (the backside of the depicted uptrend). It applied significant bearish pressure to the GBP/USD pair.

The price zone of 1.5500-1.5550 remains a significant supply zone to offer valid sell entries.

Daily fixation below 1.5350 is currently needed to allow bearish movement to occur towards the level of 1.5150 (previous prominent weekly bottoms) and 1.4970 (weekly demand level).

Trading Recommendation:

Risky traders were instructed to SELL the GBP/USD pair around the zone of 1.5500-1.5530. S/L should be lowered to an entry level to offset the associated risk. Initial target levels should be located at 1.5400 and 1.5350.

On the other hand, a low-risk buy entry can be offered around the weekly demand level at 1.5000 (if a bearish breakdown of both demand levels at 1.5350 and 1.5150 occurs soon).

S/L should be placed below 1.4930.

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Intraday technical levels and trading recommendations for EUR/USD for October 22, 2015 Market Analysis Review

The pair moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the recent bearish rejection, which exists around the level of 1.1450.

In the long term, a projected target is still seen at 0.9450 if a bearish breakdown at the monthly demand level of 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 and 1.1700 can take place only if the weekly high of 1.1465 gets breached as soon as possible.

This can be achieved if the current monthly candlestick closes above the weekly high of 1.1465 by the end of this month (low probability).

Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to a current daily uptrend depicted on the chart.

Shortly after, the market looked overbought as bulls were pushing the price further beyond the level of 1.1500 (daily supply level).

Hence, a bearish movement towards the level of 1.1150 (61.8% Fibonacci level) took place providing evident bullish rejections several times in a row.

Previously, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 (achieved) and 1.1050. The latter was not reached as the level of 1.1150 prevented further bearish decline.

Daily persistence below the level of 1.1150 (61.8% Fibonacci level) is needed to expose the next demand level around 1.1050 where the daily uptrend comes to meet the EUR/USD pair.

Conservative traders should wait for more bearish correction towards the zone of 1.1000-1.1050 (the depicted uptrend line) for a low-risk buy entry. S/L should be placed below 1.0950. T/P levels should be placed at 1.1080 and 1.1160.

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Technical analysis of GBP/USD for October 22, 2015 Market Analysis Review

Overview:

• The GBP/USD pair opened above the support which represents the weekly pivot point at the level of 1.5383. Additionally, the market has been in an uptrend since last week. Also, the price has already broken 38.6% of Fibonacci retracement levels and 50%. Therefore, the market will probably indicate a bullish opportunity at the level of 1.5383 and 1.5425. So, according to the previous events, the price has still been trading between the prices of 1.5425 and 1.5566 in the short term. Therefore, the area above 1.5425 (above the the ratio of 50% Fibonacci retracement level on the H1 chart) looks for further upside with the first target at the 1.5515 level and continues towards 1.5566 in order to test the weekly resistance 1. The stop loss should be placed at the price of 1.5350.

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EUR/NZD : analysis for October 22, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downward. The price tested the level of 1.6681. In the daily time frame, we can observe a strong supply bar. Also, the price is moving below our SMA10 and SMA50. The price performed a fake breakout of a downward channel. Selling EUR/NZD at this stage is preferable. I am waiting for larger liquidity and stronger price actions to confirm further direction. If the price breaks the level of 1.6500, we may see the downward continuation.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6940

R2: 1.6980

R3: 1.7040

Support levels:

S1: 1.6820

S2: 1.6785

S3: 1.6725

Trading recommendations: Be careful when buying at this stage. Selling positions are preferable. Support is seen at the level of 1.6500.

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Technical analysis of EUR/USD for October 22, 2015 Market Analysis Review

Overview:

• The EUR/USD pair in the short term.
• According to the previous events, the price has still been moving between 1.1289 and 1.1392. The level of 1.1392 will indicate strong resistance, and minor resistance is at 1.1350. Moreover, the price will form a new strong spot at this level. Also, the price of 1.3624 is coinciding with the weekly pivot point on the H1 chart. Therefore, it will be profitable to sell at 1.1392 or 1.1350 in the short term with the first target at 1.1289. If the market breaks the support at the price of 1.1289, it will continue towards 1.1231 in order to test the weekly support 2. On the other hand, the level of 1.1231 will indicate a strong support. Additionally, this price will form a double bottom at 1.1206. For that reason, it will be very gainful to buy at 1.1206 with the first target at 1.189 in order to retest it from below. However, the stop loss should be placed below 1.1230 at the level of 1.1200 this week.

Warning:

• The key levels are set at the point of 1.1392.
• Please check the market volatility before investing because the price may have already been reached and scenarios might have become invalidated.

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Gold : analysis for October 22 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,163.54 in a ultra-high volume. The short-mid term trend changed from upward to downward. In the daily time frame, we can observe a supply bar in an average volume. Besides, the 200 SMA was successfully held around the level of $1,175.00. In the M30 time frame, we can observe a volume spike (selling climax) in the background. Selling opportunities below the level of $1,163.45 are preferable. Support levels are seen at $1,166.00 (on the test), $1,156.00, and $1,142.00. Only if the price breaks the level of $1,163.45, we may see a further movement downward.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,174.00

R2: 1,176.45

R3: 1,181.00

Support levels:

S1: 1,165.25

S2: 1,162.50

S3: 1,158.15

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.

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Daily analysis of Silver for October 22, 2015 Market Analysis Review

Overview

Silver price continues to fluctuate below 15.85. Stochastic gains positive momentum in the intraday time frames to support the chances of bouncing upwards and resume the bullish correctional trend. The price needs to breach the level of 15.85 to ease the mission of heading towards the current bullish wave targets located at 16.30 and 16.85. It is important to note that a breakout at 15.40 will put the price under negative pressure on a short-term basis.

Expected trading range for today is between support at 15.40 and resistance at 16.30.

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Daily analysis of GBP/JPY for October 22, 2015 Market Analysis Review

Overview

An outlook for GBP/JPY remains unchanged. A sideways consolidation from 180.36 is still in progress and further recovery might be seen. But strong resistance

at 188.28 is expected to limit upside to finish the consolidation. A breakout of 180.36 will extend the whole fall from 195.86. Then, it should target a test at the key support level of 174.86. GBP/JPY was close to key cluster resistance at 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A break of 174.86 will confirm trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we should be cautious as strong resistance at 199.80/200.00 will bring reversal.

Daily Pivots: (S1) 184.57; (P) 185.06; (R1) 185.40;

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Global macro overview for 22/10/2015 Market Analysis Review

Global macro overview for 22/10/2015:

At 8:30 am GMT today, the Office for National Statistics revealed the retails sales report that was better than expected (+1.9% vs. +0.4% expected). The revisions of the previous data was softer than anticipated. This is quite a good example of increased consumer spending when the wages are slowly but surely rising. In that case, the current concern of the Bank of England should be the inflation reading as the 2% target is getting harder and harder to hit.

The GBP/USD pair is still trading below the strong technical resistance at the level of 1.5508. Any breakout higher will directly expose the recent top at the level of 1.5659. The technical support is seen at the level of 1.5412.

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USDX technical analysis for October 22, 2015 Market Analysis Review

The US dollar index is showing some short-term reversal signs to the upside but the longer-term view remains neutral as price remains trapped inside the trading range of a weekly bullish flag and inside the weekly cloud.

Red line - resistance

Blue lines - bullish channel

The US dollar index is inside a bullish short-term target and breaking above the 4-hour chart Ichimoku cloud. The price is moving in a short-term bullish trend targeting the medium-term resistance at the red trend line. An important resistance area is seen between 95.50 and 95.60.

Green line - support

Red line - resistance

The weekly candle is trying to break above the Ichimoku cloud. A close above it will be a bullish sign that will most probably push the index towards the red weekly resistance level. The longer-term trend remains neutral as the price remains inside the bullish flag.

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Global macro overview for 22/10/2015 Market Analysis Review

Global macro overview for 22/10/2015:

The main event of the week, the European Central Bank meeting, is scheduled at 11:45 am GMT. The market participants expect the ECB to leave monetary policy unchanged for another month (interest rate at 0.05% vs. 0.05% prior) despite inflation falling back into negative territory (-0.1% as for the latest reading) and growth remaining sluggish. Nevertheless, the recent remarks of Ewald Nowotny regarding the possibility of QE increase (extended bond buying program beyond September 2016), if necessarily, might work as adding fuel to the fire. Investors will be closely watching ECB president Mario Draghi to support or decline this possibility.

The EUR/USD pair is trading slowly ahead of news releases, currently trying to break below the 1.1318 technical support. In case of a successful breakout, the next support is seen at the level of 1.1086.

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Gold technical analysis for October 22, 2015 Market Analysis Review

Gold price is trading inside a bearish channel in the short-term. However, bulls still have slight chances of reversing to a new higher high around $1,200, but I would prefer to stay neutral at these levels.

Red lines - bearish channel

Gold price has entered the Ichimoku cloud in the 4-hour chart. This means that bullish momentum has weakened and trend in the short-term is neutral. Price is above the 38% Fibonacci retracement so bulls still have chances to reach a new high. A breakout above the red channel will confirm this outlook.

Red line - price projection

The weekly chart remains bullish with the price above the kijun-sen (yellow line indicator) support. Gold price could reach another new high closer to $1,200, but bulls should be very cautious as we the top is already be seen. The weekly chart stochastic can move higher and this means that we could finally see the $1,200 print.

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Technical analysis of EUR/JPY for October 22, 2015 Market Analysis Review

General overview for 22/10/2015 09:40 CET

After making wave b green top at the level of 136.40 the market declined and it is currently trading at the local channel line support. As the wave c green develops downwards, the next intraday support is seen at the level of 135.25, but the key level for bears is supply breakthrough zone between the levels of 134.63 and 134.76.

Support/Resistance:

136.95 - Wave D Top

136.58 - WR1

136.00 - Intraday Resistnace

135.68 - Weekly Pivot

135.25 - Intraday Support

Trading recommendations:

Sell orders (SL above the level of 136.99 and TP at the level of 134.75.) recommended yesterday should still be kept open as the market develops wave c to the downside.

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Technical analysis of USD/CAD for October 22, 2015 Market Analysis Review

General overview for 22/10/2015 09:30 CET

The market has broken the level of 1.3079 and closed above it. Currently, the leading diagonal scenario is successfully developing. However, we can observe a a correction now. The support level for anticipated wave (ii) green is the zone between the levels of 1.3040 and 1.3000.

Support/Resistance:

1.3145 - Intraday Resistance

1.3079

1.3067 - WR1

1.2935 - Weekly Pivot

1.2938 - Invalidation Level

Trading recommendations:

All buy orders hit the TP level and now day traders should wait for a corrective cycle to complete before opening another buy orders in this pair.

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Elliott wave analysis of EUR/NZD for October 22, 2015 Market Analysis Review

Wave summary:

A failure to break above the base-channel resistance line has forced a less aggressive path, than we had first expected. However, support at 1.6546 should continue to protect the downside for a new attempt to break above the base-channel resistance line for upside acceleration towards 1.7198 and 1.8019.

Only an unexpected break below support at 1.6546 will question whether or not the bottom is in place.

Trading recommendation:

We are long EUR from 1.6555 with stop placed at 1.6540. If you are not long EUR yet, then buy near 1.6546 and use the same stop at 1.6540.

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For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for October 22, 2015 . Thanks for your support.

Elliott wave analysis of EUR/JPY for October 22, 2015 Market Analysis Review

Wave summary:

We really do not have much to add, as we continue to watch for a move lower and ultimately a downside thrust out of the triangle.

In the short term, we would like to see a break below minor support at 136.04, which will be the first good indication that wave iii lower is developing for a decline to at least 132.98. A decline below 133.11 is likely to confirm the downside thrust and call for a decline to below 126.05 in the longer term.

It will take a break above minor resistance at 136.48 to invalidate our bearish count, but a break above 137.44 will be needed to invalidate the bearish outlook altogether.

Trading recommendation:

We are short EUR from 135.95 and have lowered the stop to 136.50. If you are not short EUR yet, then sell EUR near 135.79 or upon a break below 135.04 and use the same stop at 136.50

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 October 22, 2015 . Thanks for your support.