Today's Support and Resistance levels:
R3: 140.58
R2: 140.15
R1: 139.63
Current spot: 138.99
S1: 138.77
S2: 138.17
S3: 137.38
Technical summary:
The minor correction we were looking for could already have ended at 139.31 and the next impulsive decline is under way towards 137.01. It is usual to see very small or even sub-normal correction during wave three and this correction, if it is finished, has clearly been sub-normal. However, a break below support at 1.3861 will confirm that the next impulsive decline lower to 137.01 should be expected.
Trading receommendation:
Stay short in EUR from 140.95 and move the stop lower to 139.40 upon a break below 138.61. If you are not short in EUR yet, then sell after a break below 138.61 with the same stop at 139.40.
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 20, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for May 20, 2014
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