Today's Support and Resistance levels:
R3: 141.61
R2: 141.49
R1: 141.37
Current spot: 141.33
S1: 141.14
S2: 140.99
S3: 140.60
Technical summary:
The decline from 142.00 has been very messy and hard to read and the rejection from 140.99 indicates that we have seen a small leading diagonal as wave i, and we are currently in wave ii towards minor resistance at 141.49 and maybe even higher towards 141.61, before the next impulsive decline in wave iii should be seen towards 139.86. Only a break above 142.00 will invalidate our bearish count and call for an even more complex correction unfolding.
Trading recommendation:
Stay short in EUR from 141.63 and keep your stop at 143.50. If you are not short in EUR yet, then sell near 141.49 with the same stop at 143.50.
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 28, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for April 28, 2014
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