Today's support and resistance levels:
R3: 138.44
R2: 138.11
R1: 138.05
Current spot: 137.91
S1: 137.72
S2: 137.56
S3: 137.25
Technical summary:
Red wave iv is still unfolding, but it should still stop next to resistance at 138.05, from where a new strong decline to 135.49 is expected. In the longer term, we are still looking for a decline to the equality target at 134.34, where wave C will be equal in length to wave A. At this point, only a break above 138.11 will invalidate the bearish scenario. At 138.12, red wave iv will overlap red wave i, which in not allowed under the Elliott Wave Principle.
Trading recommendation:
We will sell EUR at 138.00 or upon a break below support at 137.73 with stop placed at 138.25.
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 August 1, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for August 1, 2014
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