Today's Support and Resistance Levels:
R3: 140.08
R2: 139.93
R1: 139.65
Current Spot: 139.56
S1: 139.33
S2: 139.07
S3: 138.68
Technical Summary:
Important resistance at 140.08 was in no danger yesterday. We are now looking for resistance at 139.65 to protect the upside for a break below support at 139.33 confirming the next decline towards support at 138.68 and likely even lower towards 138.10.
Only an unexpected break above 139.93 would cause a new challenge of important resistance at 140.08 and if broken, the short-term count will be changed to an unfolding triangle consolidation .
Trading receommendation:
We sold EUR at 139.49 and placed stop at 140.15. If you are not short EUR yet, then sell at 139.65 or upon a break below support at 139.33 with the same stop at 140.15.
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 5, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for June 5, 2014
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