Today's Support and Resistance levels:
R3: 141.99
R2: 141.79
R1: 141.62
Current spot: 141.54
S1: 141.35
S2: 140.99
S3: 140.60
Technical summary:
The correction from 140.08 just became even more messy and complex. We did see a break below 141.23, but there was no follow-through and we are now back into the range just below resistance in the 142.00 - 142.17 area. For now we will just have to wait for this cross to provide us with confirmation that the correction from 140.08 is over and that the decline lower towards 136.33 is developing. That confirmation will be given upon a break below 140.99 until then we will just have to accept the possibility of a move closer to 142.17.
Trading recommendation:
Stay short in EUR from 141.63 and keep your stop at 143.50 for now. If you are not short in EUR yet, then sell near 142.17 or upon a break below 140.99.
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 25, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for April 25, 2014
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