Today's Support and Resistance levels:
R3: 139.89
R2: 139.43
R1: 139.36
Current spot: 139.21
S1: 138.98
S2: 138.66
S3: 138.42
Technical summary:
We have seen the expected corrective rally towards 139.36 (the high have been at 139.34). We are now looking for a break below support at 138.98 as the frist strong indication that a top is in place for a return to 137.97. That said we do expect this red wave iv correction to be even more complex than already seen and that would likely indicate that from 137.97 we will see another move to resistance at 139.36, before we will be ready to explore the downside for real.
For now look for a break below minor support at 138.98 as indication, that the top is in place for a decline towards 137.97.
Trading recommendation:
We sold EUR at 139.20 and placed our stop at 139.90. Upon a break below 138.98, we will move our stop lower to 139.50. If you are not short in EUR yet, then sell here or upon a break below 138.98 with the same stop at 139.90.
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 3, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for June 3, 2014
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