Technical summary:
Ideally, the top of blue wave i at 135.29 will protect the downside for one last rally higher to an ideal target at 137.54. However, a clear wave five rally can be counted from a low of 126.02. That means the top could be already in place at 136.96 and thereby wave (i) and a correction in wave (ii) are unfolding. A break below 135.29 is likely to becom the first indication and call for a correction lower towards at least 133.08.
The top of the first impulsive rally is nearby and a correction of the entire rally since a low of 126.02 is to be seen in wave (ii). We have to remember that the second wave tends to be deep and is allowed to correct up to 100% of the first wave.
Trading recommendation:
We will sell EUR at 137.50 or if support at 135.29 is broken a EUR sell-order will be placed at 136.00.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for May 19 - 2015 . Thanks for your support.
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