Today's Support and Resistance levels:
R3: 142.65
R2: 142.55
R1: 142.46
Current spot: 142.38
S1: 142.17
S2: 142.03
S3: 141.90
Technical summary:
It is now possible to count the first small five wave decline of the 143.47, which is the first good indication that wave ii is finally over. As possible targets for this first small five wave decline, we will be looking for 142.17 and 141.90. A clear break below 142.17 would call for a move closer to 141.90, before we should look for a three wave correction towards 142.69 and maybe 142.87 as a small wave two. In the longer term we are looking for the powerful wave iii lower towards at least 138.06 and possibly even lower towards 135.78.
Trading recommendation:
Stay short from 142.35 with your stop placed at 143.80. If you are not short in EUR yet, then sell at 142.69 with the same stop at 143.80.
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 4, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for April 4, 2014
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