Today's Support and Resistance levels:
R3: 130.56
R2: 130.18
R1: 129.96
Current Spot: 129.62
S1: 129.39
S2: 129.19
S3: 128.63
Technical overview:
We did see the resistance at 129.91 protect the upside for a break below 128.98, but there was no real follow through. However, something is to happen soon. As we are moving closer to the apex of two converging lines, one of them must give away for the next powerful move. We still think that this next powerful move will be to the downside for a move down to the strong support at 124.96 and possibly even lower. That said, we must stay alert to a break above 130.43 and more importantly a break above 130.56 as that would call for a rally back to the 133.81 high in a very complex correction.
Trading recommendation:
We are short EUR from 130.50 with a stop+reverse of our short position to a long EUR-position placed at 130.60. If you are not short EUR yet, then sell a break below 129.19 with the same stop+reverse at 130.60.
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 July 12, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for July 12, 2013
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