Today's support and resistance levels:
R3: 136.84
R2: 136.61
R1: 136.35
Current spot: 136.27
S1: 136.05
S2: 135.95
S3: 135.73
Technical summary:
The decline from 138.00 has been much stronger than anticipated. The break below 136.41 invalidated the one/two - one /two count and has forced a short-term recount. However, the bullsih count stay valid as long as key support at 135.73 protects the downside. In the short term, we would expect a final spike just below 135.95 closer to 135.73, but not below 135.75 for a break above 136.61 as the first good indication, that the expanded flat wave ii correction is over and a new strong rally to above 138.00 should be expected. However, if key support at 135.73 gives away, the old equality target between wave A and C at 134.34 is revived.
Trading recommendation:
We took a hit with our stop at 136.45. We will re-buy EUR at 135.95 and place our stop+reverse at 135.70.
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 05, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for September 05, 2014
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