Today's Support and Resistance levels:
R3: 141.92
R2: 141.68
R1: 141.30
Current spot: 141.12
S1: 140.89
S2: 140.65
S3: 140.43
Technical summary:
With a slight new low at 140.43 red wave v. As we now have a minor five wave decline from 143.79 we should expect a minor correction higher towards the 142.11-142.50 area, before the next downside pressure takes us lower towards at least 136.45 and maybe even lower. In the longer term, we are still looking for a much bigger correction from the 145.69 high towards the 38.2% corrective target of the rally from 94.10 to 145.69 at 126.00.
Trading recommendation:
We missed our take-profit on the short EUR position from 141.90 slightly. Take profit here at 141.12 for a nice little profit. Sell EUR again at 142.40 with a stop at 143.85.
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 March 21, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for March 21, 2014
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