Today's support and resistance levels:
R3: 138.28
R2: 138.10
R1: 137.98
Current spot: 137.79
S1: 137.67
S2: 137.50
S3: 137.38
Technical summary:
Once support at 138.41 gave away, we saw the expected decline to 137.70 (the low came in at 137.50). Now, we should see resistance at 138.10 protecting upside for the next downside pressure to 137.50 on the way lower to 136.22 and 134.43. The unfolding wave C will be equal in length to wave A at 134.43. Of course, there is a possibility of wave C extending lower than 134.43, but if a bottom is seen there, we have not even seen the minimal correction of the rally from 94.10 to 145.69. So, it could indicate, that we should see only an X-wave from 134.43 before another zig-zag correction lower is seen, but only time will tell.
Trading Recommendation:
We are short in EUR from 138.95 and will move stop lower to 138.76. If you are not short in EUR yet, then sell near 138.10 or upon a break below 137.67 with the same stop at 138.76.
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 July 11, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for July 11, 2014
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