Today's Support and Resistance Levels:
R3: 140.08
R2: 139.93
R1: 139.65
Current Spot: 139.42
S1: 139.33
S2: 139.07
S3: 138.68
Technical Summary:
The ECB decision to lower rates send the eurp on a minor roller coaster ride. However, important resistance at 140.08 held firm and the downside pressure is still dominating this cross. In the short run, we are looking for below 139.07 and more importantly below 138.68 as confirmation, that a new decline towards 138.10 and lower is developing.
The risk is a break above 140.08, that will indicate that a triangle consolidation is developing and more consolidating time is needed before the downside can be explored again.
Trading recommendation:
We are short EUR at 139.49 with stop placed at 140.15. If you are not short EUR yet, then sell near 139.65 or upon a break below 139.07 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 6, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for June 6, 2014
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