Today's support and resistance levels:
R3: 138.76
R2: 138.49
R1: 138.32
Current spot: 137.93
S1: 137.82
S2: 137.67
S3: 137.50
Technical summary:
The correction has been a little stronger than we initially expected. Therefore, we should see the correction from 137.50 move a little higher to 138.32 to kiss the broken former support-line, which now acts as resistance, before the next decline to 137.50 and lower towards 136.22 is expected.
In the longer term, we are looking for an equal target at 134.34, where wave C will be equal in length to wave A. However, we would not be surprised to see an even deeper decline. The big question will be if we need a detour first? Moreover, when will we get close to this target?
Trading Receommendation:
We are short in EUR from 138.95 with stop place at 138.76. If you are not short in EUR yet, then sell near 138.32 or upon a break below 137.82 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 14, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for July 14, 2014
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