Today's support and resistance levels:
R3: 135.75
R2: 135.44
R1: 135.10
Current spot: 134.84
S1: 134.67
S2: 134.49
S1: 134.19
Technical summary:
We have seen the expected break below support at 135.02 to cause an acceleration lower towards the 23.6% corrective target of the rally from 94.10 to 145.69. However, this support is unlikely to be able to protect the downside and we should see a continuation lower to 132.66 and the next real downside target. In the short term, we will be looking for resistance at 135.10, which ideally will protect the upside for the next decline to 133.58 and lower.
Trading recommendation:
We are short in EUR from 135.70 and will move our stop lower to break-even. If you are not short in EUR yet, then sell near 135.10 with the same stop at 135.70.
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 October 16 - 2014 . Thanks for your support.
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