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24.08.201707:45 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 24, 2017

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 24.08.2017 analysis

Wave summary:

We continue to look for a break above minor resistance near 129.75 and more importantly a break above resistance at 130.40 that confirms renewed upside pressure towards the ideal wave D target at 137.36.

Short-term support is seen at 128.28 and then at 127.82 which ideally will protect the downside for the break above 129.75.

R3: 130.40

R2: 129.75

R1: 129.50

Pivot: 129.00

S1: 128.63

S2: 128.42

S3: 128.28

Trading recommendation:

We are long EUR from 128.50 with our stop placed at 127.75. If you are not long EUR yet, then buy near 128.28 and use the same stop at 127.75.

Torben Melsted
Analytical expert of InstaForex
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