Today's Support and Resistance levels:
R3: 142.28
R2: 142.01
R1: 141.67
Current spot: 141.34
S1: 141.19
S2: 140.73
S3: 140.42
Technical summary:
As expected the decline from the 143.47 high was impulsive and more downside pressure should be seen. As the target for blue wave iii we are looking for a move closer to 140.73 before a correction higher to just below strong short-term support at 141.66 in blue wave iv. Once blue wave iv is over, we should see the next impulsive decline, which ideally will end just below 139.96 and end red wave i and set the stages for a correction in red wave ii towards 141.66 and maybe even higher towards 142.09.
Trading recommendation:
Stay short from 142.35 and move your stop lower to 141.70 and take profit at 140.05. If you are not short in EUR yet, then sell EUR near 141.66 with the same stop and take profit.
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 7, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for April 7, 2014
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