EURJPY (D) - medium term bullish bias
Following a two-week rise in October, the euro went into a lengthy pullback. In a textbook Elliot wave analysis, the price action would now test the 38.2% (119.30) Fibonacci retracement level. We may expect a few days of consolidation in that area before buyers start to bid up again. The fifth wave will likely push the price to the June's high of 123. However, should the support failed to hold, the 50% (118.65) level would be the last stronghold for the bulls to maintain the upbeat vibe.
Key support: 119.30
Key resistance: 121.40
Following a two-week rise in October, the euro went into a lengthy pullback. In a textbook Elliot wave analysis, the price action would now test the 38.2% (119.30) Fibonacci retracement level. We may expect a few days of consolidation in that area before buyers start to bid up again. The fifth wave will likely push the price to the June's high of 123. However, should the support failed to hold, the 50% (118.65) level would be the last stronghold for the bulls to maintain the upbeat vibe.
Key support: 119.30
Key resistance: 121.40
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.