Today's Support and Resistance levels:
R3: 139.18
R2: 138.74
R1: 138.33
Current spot: 138.04
S1: 137.88
S2: 137.76
S3: 137.51
Technical summary:
Even though we have broken slightly below 137.97, we still think that a bottom is close by for rally higher towards at least 140.01 and likely higher towards 141.10 to end wave (c) of the triangle consolidation. However, a break above minor resistance at 138.34 is needed to indicate that the bottom of wave (b) is in place for the rally towards 140.01. In the short term we could see a continuation slightly lower towards 137.76 and maybe even lower towards 137.51, but the downside should be limited from here.
Trading receommendation:
Our stop at 137.90 was hit for a loss. We will place a EUR-buy order at 138.40.
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 June 12, 2014 . Thanks for your support on Elliott Wave analysis of EUR/JPY for June 12, 2014
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