Today's support and resistance levels:
R3: 139.15
R2: 139.10
R1: 139.01
Current spot: 139.91
S1: 138.81
S2: 138.71
S3: 138.61
Technical summary:
The break below support at 138.47 has forced a short term recount. Instead of a 1-2 / 1-2 count, the rally from 135.80 to 141.22 only was wave i and the ongoing correction is wave ii. This wave ii correction could be over as it already has corrected 50% of wave i, but we need a break above minor resistance at 139.70 and more importantly above 140.22 to confirm, that wave ii is over and wave iii higher towards 143.79 is developing.
Trading recommendation:
Our stop at 138.40 was hit for a small loss and we will buy EUR at 137.95 or upon a break above 139.70.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for September 26 - 2014 . Thanks for your support.
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