Wave summary:
The pair moved slightly higher, but it is still locked firmly within the possible triangle borders. We still watch for a downside thrust, which means that resistance near 136.55 will turn prices to break below minor support at 133.11 that would confirm the thrust of the triangle.
A break above resistance at 137.44 will indicate an upside thrust out of the triangle or even larger triangle formation, leaving us with much more time of sideways movements.
Trading recommendation:
We sold EUR at 135.95 and placed out stop at 136.80. If you are not short EUR yet, then sell EUR near 136.55 or upon a break below 135.80 (one order done cancels the other) and use the same stop at 136.80.
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 October 21, 2015 . Thanks for your support.
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