Today's Support and Resistance levels:
R3: 141.04
R2: 140.81
R1: 140.52
Current spot: 140.38
S1: 140.23
S2: 139.84
S3: 139.33
Technical summary:
The bears still have benefits, but we would like to see some downside acceleration soon to confirm that they are in the divers seat. In the short term, we would like to see resistance in the 140.52-140.68 protecting the upside for a break below support at 140.18 for acceleration lower towards 136.45. That said, as long as we have not seen the acceleration towards the downside we have to acknowledge that the decline from 140.43 only is an x-wave in a complex correction, if this is the case, we should see a break above 140.92 that would call for a move closer to 142.11 and just maybe 142.50 before wave ii is over.
Trading recommendation:
Stay short from 140.65 and move your stop lower to 140.95. If you are not short in EUR yet, then sell upon a break below 140.18 with the same stop at 140.95.
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 28, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for March 28, 2014
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