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Elliott wave analysis of EUR/JPY for August 15, 2019
Support at 118.41 has failed to hold up EUR/JPY and the pair is now threatening to break below short-term important support at 117.69. If this support fails too, then a new low for the decline from 127.50 should be expected closer to 116.75.
Only a direct break back above minor resistance at 119.11 will ease the downside pressure and call for a re-test of resistance in the 119.88 – 119.59 area.
R3: 119.11
R2: 118.70
R1: 118.25
Pivot: 117.69
S1: 117.49
S2: 117.15
S3: 116.75
Trading recommendation:
We are long EUR from 118.40 with our stop placed at 117.40
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Elliott wave analysis of EUR/JPY for August 15 – 2019