Today's Support and Resistance levels:
R3: 143.92
R2: 143.57
R1: 143.46
Current spot: 143.38
S1: 143.00
S2: 142.46
S3: 141.86 - Important support. A break below here confirms the top.
Technical summary:
The target at 143.24 has been hit. An important top should be imminent. The first indication of the top being in place is a break below 143.00 and the top will be confirmed upon a break below 141.86.
In the short term we could see a slight extension higher towards 143.46 and 143.57 as long as support at 143.15 and more importantly as long as support at 143.00 protects the downside, but a break below 143.00 will be the first good indication, that a top is in place.
Trading recommendation:
We sold EUR at 143.15 and will place stop at 144.15. If you are not short in EUR yet, then sell after a break below 143.15 with the same stop at 144.15.
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 26, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/JPY for December 26, 2013
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