Today's Support and Resistance levels:
R3: 131.31
R2: 131.12
R1: 130.82
Current spot: 130.54
S1: 130.43
S2: 130.25
S3: 130.00
Technical overview:
Since the break above the channel resistance line occured we have seen a consolidation, but it should not be long before we see the next rally higher towards 131.37 and 132.48 as the next targets before the top at 133.81. We see this rally as a part of a very complex correction. In the short term we are looking for minor support at 130.25 to protect the downside for a break above resistance at 130.82 confirming the rally towards 131.37 and higher. In the long term we still see the possibility of a deeper correction towards the bottom of wave iv of one lesser degree at 118.73, but it is also possible that we will get a sub-normal correction of price, however it is in the longer term.
Trading recommendation:
We are long EUR from 130.60 with a stop placed at 128.85. If you are not long EUR yet, then buy close to 130.25 or upon a break above 130.82 (one order done cancels the other). Place your stop at 128.85 too.
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 17, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for July 17, 2013
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