Today's Support and Resistance levels:
R3: 140.88
R2: 140.63
R1: 140.42
Current spot: 140.10
S1: 140.00
S2: 139.49
S3: 138.95
Technical summary:
The corrective cycle we were looking for is still unfolding and we expect support at 140.00 and more importantly at 139.49 will protect the downside for the last rally higher towards 142.41 before renewed downside pressure takes over. However, if we does see a break below support at 139.49 the correction from 136.23 will indicate that the correction ended early and a break below important support at 138.95 confirms a new test of 136.23 on the way lower to the ideal corrective target at 126.03.
Trading recommendation:
Stay long in EUR from 140.10 and keep your stop at 139.95 and take profit at 142.25. If you are not long in EUR yet, then buy EUR close to 140.00 with the same stop and take profit targets.
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 20, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for February 20, 2014
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