Today's Support and Resistance levels:
R3: 143.24
R2: 142.89
R1: 142.74
Current Spot: 142.60
S1: 142.42
S2: 142.14
S3: 141.86 - Important support - Break below indicates a top being in place.
Technical summary:
As resistance at 142.49 was broken we knew, that a new high above 142.89 is needed to finish this rally. Short term expect support at 142.42 to protect the downside for the last rally higher towards 143.24 where an important top should be found. From 143.24 or upon a break below 141.86 a major correction towards at least 124.95 should develop. This correction will be the biggest we have seen, both time- and pricewise since the 94.10 low.
Trading recommendation:
The stop at 142.75 was hit and we will be looking for a new selling opportunity at 143.15 or upon a break below 141.86.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Elliott wave analysis of EUR/JPY for December 24, 2013 . Thanks for your support on Elliott wave analysis of EUR/JPY for December 24, 2013
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