Today's support and resistance levels:
R3: 138.44
R2: 138.11
R1: 138.11
Current spot: 137.88
S1: 137.72
S2: 137.50
S3: 137.25
Technical summary:
We saw a rally to 138.00, just below the ideal target of 138.05, but that should be enough to achieve the target. Now, we will be looking for a break below support at 137.72 and more importantly below support at 137.50. That will confirm that red wave iv ended at 138.00 and red wave v lower towards 135.49 is developing. That said, as long as support at 137.50 protects the downside we could still see one final spike to 138.05, but we will not bet on that outcome.
Trading recommendation:
We sold EUR at 138.00 with stop placed at 138.25. If you are not short in EUR yet, then sell near 138.00 or upon a break below 137.72 with the same stop 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 4, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for August 4, 2014
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