Today's Support and Resistance levels:
R3: 129.95
R2: 129.34
R1: 128.78
Current Spot: 128.59
S1: 128.09
S2: 127.81
S3: 127.44
Technical overview:
After the break above important short-term resistance at 126.91 we expected a rally higher towards 128.28. We have seen a rally beyond that point, but it is no crucial any way. A break above resistance at 129.34 would not be expected, but only a break out of the falling channel will indicate that the wave 2 correction from 133.81 ended early and the next impulsive rally higher in wave 3 has already begun. However, if resistance at 129.34 protects the upside for a break below 127.81 and, more importantly, a break below 127.05 we know that we have a top in place for a new decline towards strong support at 124.96.
Trading recommendation:
We sold EUR at 128.20 and has placed our stop at 129.40. If you are not short EUR already, then sell EUR on a break below 127.82 with the same stop at 129.40.
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 20, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for June 20, 2013
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