Technical summary:
We saw a break slightly above resistance at 137.35, but we still prefer the b-wave triangle scenario unfolding. It means a break below minor support at 135.53 and more importantly below support at 134.95 soon for a decline to 130.00 in wave c.
However, a break above resistance at 137.80 will invalidate the triangle count and call for a new rally back to 141.06 high on the way towards 144.03.
Trading recommendation:
We are short EUR from 135.75 with stop-loss placed at 137.45. If you are not short EUR yet, then sell a break below 136.75 with the same stop.
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 August 11 - 2015 . Thanks for your support.
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