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Tuesday, March 27, 2012

Elliott wave and technical analysis on EUR/USD and EUR/JPY

EUR/USD - I'm somewhat surprised that we managed to break above resistance at 133.22, but we are looking at a new pretty strong resistance here near 133.80, which will have to protect the upside otherwise we are looking at a rally all the way back towards the 137-138 area.
Resistance near 133.80is a triple resistance, but we need a break below 132.80 and more important 131.90 to ease the upside pressure and have a new test of neckline support near 130.10.
EUR/JPY - I think wave b of wave 2 is done or very close to being done with and we now need a break below support in the 109.80 - 109.90 area to confirm the ending of the b-wave and that wave c-down towards 105.90 - 106.10 have begun.

1 comment:

  1. Say something about the instrument usd / chf, if possible (thanks in advance). Appreciate your opinion ,because I learned a lot, how to predict a market.

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