Today's Support and Resistance levels:
R3: 142.17
R2: 141.76
R1: 141.47
Current spot: 141.18
S1: 140.90
S2: 140.64
S3: 140.22
Technical summary:
The break above the hort-term important resistance at 141.55 made us go back to our original short-term count. This count shows that red wave i ended at 140.08 and since then red wave ii has been developing. It is possible that red wave ii ended with a test of 141.76 yesterday, as that marked the 50% corrective target of red wave i, but the decline from 141.76 does not really look impulsive and therefore we think that one more new high closer to the 61.8% corrective target at 142.17 will be seen before red wave iii takes over for a decline towards 136.33.
Trading recommendation:
Our stop at 141.60 was hit for a small loss. We will sell EUR again at 142.05 with a stop at 143.50 expecting to see lower the stop soon.
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 17, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for April 17, 2014
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