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09.11.2012 11:12 AM
Elliott Wave Analysis of EUR/JPY for November 9, 2012


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Today's Support and Resistance Levels:

S1: 101.19               R1: 101.96

S2: 100.61               R2: 102.23

S3: 100.12               R3: 102.51

Technical Overview: 

 

We saw a break below the base channel support line for a swift decline to 101.03 (just one pip below our target at 101.04). We should now expect resistance in the range 102.19 to 102.23 to protect the upside for the next decline towards 100.62 and likely even 100.15 as the next downside target. Our ideal target for this C-wave is at 99.35.
However, if we break above 102.23, then the downside pressure will be delayed for a move towards 102.51 before the next downside pressure should commence.

 

Trading Recommendation:

You should be short from 104.50 with a 103.45 stop. If you are not short EUR already you should sell at 102.15 with the same stop.

 

 



Summary
Urgency
Analytic
Torben Melsted
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