Today's Support and Resistance levels:
R3: 130.88
R2: 130.36
R1: 129.98
Current Spot: 129.52
S1: 129.18
S2: 128.58
S3: 128.21
Technical overview:
With a low at 126.11 we saw a very slight break below our target at 126.15, but the following rally has broken above the bottom of wave i at 129.41 and, therefore it cannot be wave iv of c. Therefore, we have changed our count slightly to a finished wave c and W at 126.11 and we are now in a X-wave towards 130.36 and possibly even 130.88 before the next decline towards our major wave 2 target near 118.73. In the short term we are looking for support in the 129.10 - 129.20 range for the rally higher to 130.36 and possibly even 130.88 before the next decline sets in. A break below 128.79 confirms that the X-wave is over and the second zig-zag correction has begun.
Trading recommendation:
Our stop at 129.45 was hit for yet another nice little profit. We are now looking to re-sale EUR at 130.75 or upon a break below 128.58 with a stop at 131.45.
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 10, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for June 10, 2013
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