Today's Support and Resistance levels:
R3: 140.50
R2: 140.27
R1: 139.96
Current spot: 139.65
S1: 139.10
S2: 138.62
S3: 138.13
Technical summary:
As expected we saw the simple zig-zag correction end at 140.85 and the following break below the support at 139.84 that will add considerable downside pressure to this cross. We are looking for an acceleration towards the downside for a test of support at 137.01.
In the longer term we are still looking for a larger correction of the rally from 94.10 to 145.69. The ideal corrective target comes in at 126.00.
Trading recommendation:
Stay short in EUR from 140.95 and move you stop lower to 140.30. If you are not short in EUR yet, then sell EUR close to 139.84 with the same stop.
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 14, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for May 14, 2014
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