Today's Support and Resistance levels:
R3: 142.47
R2: 142.38
R1: 142.00
Current spot: 141.96
S1: 141.65
S2: 141.12
S3: 140.63
Technical summary:
We do expect imidiately downside pressure to emerge for a break below 141.65 and more importantly a break below 141.12 to confirm a continuation lower towards 140.08 as the next downside target. A break below 140.08 should accelerate the move lower towards 136.97. In the longer term we are still looking for a much deeper correction towards 126.00.
Trading recommendation:
Stay short in EUR from 141.68 with stop placed at 142.50. If you are not short in EUR yet, then sell after a break below 141.65 with the same stop 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 6, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for May 6, 2014
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