Today's support and resistance levels:
R3: 137.62
R2: 137.42
R1: 137.36
Current spot: 137.23
S1: 137.01
S2: 136.76
S3: 136.55
Technical summary:
Minor support at 136.76 has protected the downside for a more prolonged blue wave ii. But our overall view still is, that we soon should see a powerful decline in blue wave iii lower to 135.73. After a minor consolidation in blue wave iv, we should see the final decline to the ideal blue wave v target at 134.34, where wave A also will be equal in length to wave A. Once the long-term target at 134.34 is reached, we should expect a new impulsive rally.
Trading recommendation:
We are short in EUR from 137.30 with stop place at 137.75. If you are not short in EUR yet, then sell near 137.30 or upon a break below 136.76.
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 20, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for August 20, 2014
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