Today's Support and Resistance levels:
R3: 141.06
R2: 140.90
R1: 140.65
Current spot: 140.48
S1: 140.29
S2: 140.08
S3: 139.43
Technical summary:
Ideally, we will see resistance at 140.65 protecting the upside for a break below 140.29 confirming the next decline towards the ideal target for blue wave v at 139.43. Once blue wave v is in place we should look for a minor correction higher towards 141.55 and maybe slightly higher before the next impulsive decline is expected. In the longer term we are still looking for a much deeper decline towards at least 133.52 and possibly even lower towards 126.00
Trading recommendation
Stay short in EUR from 141.20 and move your stop lower to 140.95. Keep your take profit at 139.55.
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 April 15, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for April 15, 2014
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