Today's support and resistance levels:
R3: 138.47
R2: 138.27
R1: 138.01
Current spot: 137.89
S1: 137.68
S2: 137.58
S3: 137.38
Technical summary:
We have seen the expected small correction from the 138.27 high. Now, we should be ready for the next rally higher through 138.01 and more importantly above 138.27 for a rally towards 140.07 and higher. A strong break above 138.01 will also trigger the inverse S/H/S bottom, confirming the 140.07 target. That said, we have to accept the risk of a slightly deeper correction towards 137.38 as long as the minor resistance at 138.01 protects the upside.
Trading recommendation:
We are long in EUR from 137.35 and will keep our top at 136.45 for now. If you are not long in EUR yet, then buy near 137.38 or upon a break above 138.01 with the same stop at 136.45.
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 September 04, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for September 04, 2014
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