Today's Support and Resistance Levels:
R3: 138.83
R2: 138.63
R1: 138.53
Current Spot: 138.48
S1: 138.37
S2: 138.10
S3: 137.70
Technical Summary:
The decline from 139.28 is clearly impulsive. Now, we should see resistance at 138.83 protecting the upside for the next decline lower to 137.70 and 136.22 as the next targets. In the longer term, we are still looking for an even deeper correction from 145.69 towards at least 133.53, but we need some stronger evidence that wave iii lower has started to accelerate to the downside.
Trading Recommendation:
We are short EUR from 138.95 and will move stop lower to 139.30. If you are not yet short EUR, then sell near 138.83 or upon a break below 138.37 with the same stop at 139.30.
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 8, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for July 8, 2014
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