Today's Support and Resistance Levels:
R3: 140.96
R2: 141.22
R3: 141.66
Current Spot: 140.60
S1: 140.50
S2: 140.23
S3: 140.08
Technical Summary:
We finally saw the break below important support at 140.99 (should now act as resistance), but it was not without struggle first. The price spiked to 142.36 as ECB was seen leaving the rates unchanged, but then Draghi said, that the Governing Council would be comfortable acting in June. This pushed prices through important support at 140.99, which confirms more downside pressure towards 140.08, and lower towards 133.52, and possibly towards 126.00 in the longer term to end the correction from 145.69.
Trading Recommendation:
Well, our stop at 142.15 was hit for a loss. We will look to sell EUR again at 140.95 or upon a break below 140.50.
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 9, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for May 9, 2014
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