Today's Support and Resistance levels:
R3: 142.73
R2: 142.47
R1: 142.18
Current spot: 141.93
S1: 141.66
S2: 141.42
S3: 141.12
Technical summary:
We have seen a new break above minor resistance at 141.80, which is frustrating, as the short-term patterns get even more complex than they already are. Ideally resistance at 142.18 will now protect the upside for a break below minor support at 141.92 and more importantly below support at 141.66 as that would add renewed downside pressure on this currency pair. However, to confirm real downside pressure, a break below support at 140.99 is needed and a break below will call for a decline towards at least 139.09 and likely even lower towards 136.55.
A break above resistance at 142.18 will once again frustrate the short-term picture and call for a new test of 142.47 and maybe even slightly higher towards 142.73.
Trading recommendation:
Stay short in EUR from 141.68 with stop placed at 142.50.
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 May 1, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for May 1, 2014
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