Today's Support and Resistance levels:
R3: 139.35
R2: 139.07
R1: 138.76
Current spot: 138.64
S1: 138.57
S2: 138.26
S3: 137.97
Technical summary:
We are still locked in a narrow range between 138.40 - 138.94. We still believe that resistance at 138.94 will protect the upside for a break below support at 138.40 and more importantly support at 138.24 that would call for a new decline to 137.72 and lower to 136.23.
Only a break above 138.94 will delay the decline for a move closer to 139.18 before moving lower.
Trading recommendation:
We are short in EUR from 138.555 with a stop at 139.55. If you are not short in EUR yet, then sell after 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 25 - 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for June 25 - 2014
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