Today's support and resistance levels:
R3: 137.42
R2: 137.36
R1: 137.28
Current spot: 136.95
S1: 136.76
S2: 136.55
S3: 136.38
Technical summary:
This cross has been trading in a relatively narrow range since yesterday. We are still looking for a break below minor support at 136.76, which will add downside acceleration for a decline to 135.78 on the way lower towards the ideal target at 134.34, where wave C will be equal in length to wave C. At this point, only an unexpected break above 137.62 will indicate that a long-term bottom is in place.
Trading recommendation:
We are short in EUR at 137.30 with stop at 137.75. If you are not short in EUR yet, then sell near 137.20 or upon a break below 136.76 with the same stop 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 19, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for August 19, 2014
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