Today's Support and Resistance Levels:
R3: 140.08
R2: 139.75
R1: 139.46
Current Spot: 139.39
S1: 139.26
S2: 139.04
S3: 138.67
Technical Summary:
With the overlap at 140.08 early today, the triangle scenario has now become the prefered count. It should only be a question of time before this minor correction from 140.08 is over and a new rally towards 141.80 takes over to end wave (c) of the triangle. Once this (c) wave is in place, we should see wave (d) lower towards 138.67 and maybe even slightly lower to set the stage for the final (e) wave towards 140.30.
In the short-term, we will be looking for a break above 139.75 to confirm the next rally higher towards 140.08 on the way to 141.80.
Trading Recommendation:
We are short EUR at 139.49, but will take a small profit here and revers our position to long EUR here at 139.39 and place our stop at 138.60 and take profit at 141.50
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Elliott wave analysis of EUR/JPY for June 9, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for June 9, 2014
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