Today's Support and Resistance levels:
R3: 139.74
R2: 139.36
R1: 138.91
Current spot: 138.76
S1: 138.56
S2: 138.14
S3: 137.69
Technical summary:
Blue wave ended early at 139.36 (the ideal corrective target was at 1.3974). We are now looking for a break below support at 138.56 to confirm the final decline in blue wave v towards at least 137.69 and more likely even lower towards 136.67 to end blue wave v and red wave iii. As red wave ii wave a simple zig-zag that corrected most of red wave i we should expect red wave iv to be a flat and shallow correction.
Trading recommendation:
We sold EUR at 138.73 and will place our stop at 139.40. If you are not short in EUR yet, then sell near 138.90 or upon a break below 138.56 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 28, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for May 28, 2014
No comments:
Post a Comment