Today's Support and Resistance levels:
R3: 142.38
R2: 141.99
R1: 141.65
Current spot: 141.42
S1: 141.12
S2: 140.63
S3: 140.08
Technical summary:
Important resistance at 142.47 has protected the upside and we are now looking for a break below minor support at 141.12 and more importantly a break below support at 140.99 as a confirmation that the downside pressure is mounting. In the larger picture we are still looking for a much deeper correction towards 126.00 as the ideal long-term target, but the battle between bulls and bears has been almost even and kept us in a narrow range for some time now. However, we do see an Elliott wave pattern that could indicate that the downside pressure finally is gaining the upper hand.
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 5, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for May 5, 2014
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