Technical summary:
We saw a break below important support at 135.49, which has changed the short-term count. The consolidation, which has been taking place since late July, is best described as a small triangle. This tells us that a b-wave and a c-wave can be still moving lower to 130.04. A break below the low of red wave d at 134.28 will confirm this outlook.
The short-term resistance will be found at 135.49 and at 136.17 again, which needs to protect the upside.
Trading recommendation:
Our stop at 135.40 was hit for a nice profit. We will sell EUR at 135.40 or upon a break below 135.00 with stop placed at 136.20 and take profit sets at 130.25
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 5, 2015 . Thanks for your support.
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