Today's support and resistance levels:
R3: 138.83
R2: 138.70
R1: 138.56
Current Spot: 138.43
S1: 138.32
S2: 138.25
S1: 138.11
Technical summary:
Red wave i extended to 138.11 before finally coming to an end. We see a correction in red wave ii. This correction will ideally be capped at 138.83 for the next decline in red wave iii lowering to 137.70 on the way to 136.22.
The correction in red wave ii could have already been capped at 138.55, but we will have to allow for a move closer to the 61.8% corrective target in red wave ii before red wave iii is ready to take over.
Trading recommendation:
We are short in EUR at 138.95 with stop placed at 139.30. If you are not short in EUR yet, then sell near 138.83 or upon a break below 138.32 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 9, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for July 9, 2014
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