Today's Support and Resistance levels:
R3: 138.56
R2: 138.23
R1: 137.95
Current spot: 137.80
S1: 137.72
S2: 137.50
S3: 137.20
Technical summary:
Support at 137.72 (the starting point of wave i) needs to protect the downside for a break above minor resistance at 137.95 and more importantly, a break above resistance at 138.23 that confirms a new rally towards 138.56 on the way towards 140.08 and likely even higher towards 141.10. If however, support at 137.72 is broken, that will delay the upside for a move closer to 137.50 and maybe even 137.20 before the bottom of wave (b) finally is in place.
Trading recommendation:
We are long in EUR from 138.40 with stop at 137.65. If you are not long in EUR yet, then buy upon a break above 132.95 with the same stop at 137.62.
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 16, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for June 16, 2014
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