Technical summary:
The break below the support line from a low of 126.87 is the first sign of the final decline closer to 125.98. We still need a break below support at 129.26 and more importantly a break below support at 128.33 to confirm the decline closer to 125.98. As long as 129.26 protects the downside, this could be part of a correction, which a break above 130.30 will suggest. A break back above 130.30 is likely to destroy a possible impulsive look and call for a new test of important resistance at 131.74.
Trading recommendation:
We are short EUR from 129.85 and will move our stop lower to 130.40. If you are not short EUR yet, then sell a break below 129.47 with the same stop at 130.40.
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 March 27 - 2015 . Thanks for your support.
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