Today’s support and resistance levels:
R3: 137.95
R2: 137.80
R1: 137.75
Current spot: 137.72
S1: 137.48
S2: 137.23
S3: 136.90
Technical summary:
The target for wave B at 137.82 has been reached. Now, we will be looking for a break below minor support at 137.21 and more importantly a break below support at 136.90 to confirm that wave B is over and wave C lower to 130.73 is developing. As long as support at 137.21 protects the downside, we could still see a move slightly higher to 137.95, but the upside potential should be limited from here.
Trading recommendation:
We are short in EUR from 137.70 with stop placed at 138.10. If you are not short in EUR yet, then sell near 137.82 or upon a break below 137.21 with the same stop at 138.10.
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Performed by Torben Melsted, Analytical expert InstaForex Group © 2007-2014 |
Elliott wave analysis of EUR/JPY for October 29 - 2014
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