Today’s Support and Resistance levels:
R3: 142.50
R2: 142.11
R1: 141.70
Current spot: 141.47
S1: 141.22
S2: 140.96
S3: 140.64
Technical summary:
We saw an attempt to break lower on Friday, but it failed and was followed by a quick rally above 140.95, indicating that the decline only was and x-wave in a complex corrective cycle. We are now looking for support in the 140.64 – 140.96 area to protect the downside for one last rally higher towards 142.11 and maybe even higher towards 142.50 before renewed downside pressure is seen for a decline towards 136.45.
Trading recommendation:
Our stop at 140.95 was hit for a small loss. Sell EUR at 142.35 with a stop at 143.80.
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Performed by Torben Melsted, Analytical expert InstaForex Group © 2007-2014 |
Elliott wave analysis of EUR/JPY for March 31, 2014
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