Today's support and resistance levels:
R3: 137.06
R2: 136.92
R1: 136.85
Current spot: 136.79
S1: 136.55
S2: 136.39
S3: 136.23
Technical summary:
Wave iii ended a little early at 135.73, with the ideal target being 135.48. However, the break above 136.46 clearly told us, that wave iii was in place and wave iv was developing for a correction close to resistance at 138.00 before the final decline in wave v towards the ideal target at 134.34.
In the short term, we could see a minor decline to support at 136.23 before the rally to 138.00 to end wave iv and set the stage for the final decline in wave v to 134.34.
Trading recommendation:
Our stop+reverse at 136.50 was hit for a nice profit. We are now long in EUR from 136.50. Take profit here at 136.79 and re-buy EUR at 136.30 with stop place at 135.70 and take profit+reverse at 137.75.
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 11, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for August 11, 2014
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