Today's Support and Resistance levels:
R3: 142.72
R2: 142.47
R1: 142.14
Current spot: 141.97
S1: 141.75
S2: 141.42
S3: 141.12
Technical summary:
We have been trading in a tight range for the last couple of days. Ideally resistance at 142.14 will protect the upside for a break below minor support at 141.75, and more importantly, a break below support at 141.42, that will confirm a new test of important support at 140.99. Only a break below here will add real downside pressure towards 140.08 and lower towards 136.55. However, if resistance at 142.14 is broken, a new rally towards 142.47 and likely even slightly higher towards 142.72 will be seen before the next downside pressure should be expected.
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 2, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for May 2, 2014
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