Today's Support and Resistance levels:
R3: 140.54
R2: 140.30
R1: 139.93
Current spot: 139.78
S1: 139.28
S2: 138.72
S3: 138.17
Technical summary:
Support at 139.50 did protect the downside for one last rally higher towards 140.30 (just 5 small pips above our 140.25 target). We are now looking for a break below support at 139.28 for confirmation that the top of red wave (ii) is in place for a new impulsive decline in red wave (iii) down to at least 131.61. However, the risk is that support at 139.28 protects the downside for a slightly new high, but at no point should resistance at 141.26 be broken as that will invalidate our bearish count.
Trading recommendation:
Stay short in EUR from 140.00 with your stop placed at 141.30. If you are not short in EUR already, then sell EUR upon a break below 139.28 with your stop placed at 140.35.
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 February 12, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for February 12, 2014
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