Today's Support and Resistance Levels:
R3: 139.36
R2: 138.81
R1: 138.50
Current Spot: 138.34
S1: 137.69
S2: 137.20
S3: 136.67
Technical Summary:
Not much has happened since yesterday. We are still looking for a continuation lower towards 137.69 and maybe even lower towards 136.67 to end the blue wave v and red wave iii as well as set the stage for a flat shallow correction in red wave iv. As the red wave ii was a simple zig-zag correction, that corrected most of the red wave i, we should expect the red wave to alternate by being a falt correction and only correct a minor part of the red wave iii.
Trading Recommendation:
Our stop at 138.45 was hit for a nice little profit. We will wait for the correction in the red wave iv to sell EUR again.
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 30, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for May 30, 2014
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