Today's Support and Resistance levels:
R3: 130.43
R2: 130.00
R1: 129.79
Current Spot: 129.73
S1: 129.39
S2: 129.06
S3: 128.63
Technical overview:
We are still locked between the two converging lines. One of this two lines has to give away soon as we are getting close to the apex. We still think the most likely scenario is a break below the support line near 129.39 for a powerful move lower towards 128.00 on the way down to 124.96 and possibly lower. However, as long as support at 129.39 protects the downside we could see a move closer to 130.00, but under no circumstances should we see a break above 130.43 and, more importantly, a break above 130.56, as that would open up the upside towards the high at 133.81 in a very complex correction.
Trading recommendation:
We are short EUR from 130.50 with stop+revers at 130.60. If you are not long EUR yet, then sell a break below 129.39 with the same stop+revers 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 15, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for July 15, 2013
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