Today's support and resistance levels:
R3: 147.41
R2: 147.19
R3: 146.99
Current spot: 146.77
S1: 146.50
S2: 146.29
S3: 146.03
Technical summary:
Wave b extended slightly higher to 147.41, but it should just be a matter of time before support at 146.50 is broken and will indicate that wave c lower to 143.88 on the way towards 142.06. Short term we should expect resistance at 146.98 will protect the upside for the break below 146.50 and more importantly a break below 146.29 confirms wave c lower.
Trading recommendation:
We are short in EUR from 146.90 and will move our stop lower to 147.05. If you are not short in EUR yet, then sell upon a break below 146.50 with the same stop at 147.05.
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 November 27 - 2014 . Thanks for your support.
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