Today's Support and Resistance levels:
R3: 139.40
R2: 139.18
R1: 138.76
Current spot: 138.74
S1: 138.62
S2: 138.40
S3: 138.09
Technical summary:
We are still looking for a top near 138.76. However as long as minor support at 138.40 is able to protect the downside, a break above 138.76 can not be excluded for a move closer to the 61.8% corrective target at 139.18 before the top is finally in place. That said, a break below minor support at 138.40 will indicate that the top is in place for a continuation lower to 137.72 and lower towards 136.23.
Trading recommendation:
We sold EUR at 138.55 with stop placed at 139.15. If you are not short in EUR yet, then sell close to 138.76 or upon a break below 138.40 with the same stop at 139.55.
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 23, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for June 23, 2014
No comments:
Post a Comment