Today's support and resistance levels:
R3: 138.04
R2: 137.86
R1: 137.62
Current spot: 137.40
S1: 137.28
S2: 137.11
S3: 136.90
Technical summary:
The triple zig-zag combination in red wave ii likely ended at 136.55 (just 20 pips above our target area). We will not be looking for a break above 137.86 as confirmation that the red wave ii is over and a new impulsive rally is developing for a back to 141.22 on the way towards 143.79. Once resistance at 137.86 is broken, then look for a minor rally to 138.15 before small correction back to 137.28 and the acceleration higher to 141.22 and higher. Only an unexpected break below 136.55 would invalidate the bullish count.
Trading rrecommendation:
Our take profit at 136.35 was missed by 20 pips and out stop + reverse at 137.85 was hit. So we are now long EUR at 137.85 and will place our stop at 136.50.
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 9 - 2014 . Thanks for your support.
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