Today's Support and Resistance levels:
R3: 132.48
R2: 132.10
R1: 131.75
Current Spot: 131.34
S1: 131.06
S2: 130.79
S3: 130.28
Technical overview:
After the break above the falling channel resistance line, we are working our way higher towards the top at 133.81. This weak rally will, as we have said, be a bumpy ride, with lots of deep set backs and once this rally is over, we should look for a new decline towards at least 124.96 and possibly lower. In the short term we are looking for support at 131.06 to protect the downside for the next rally higher, which a break above minor resistance at 131.75 will confirm. However, if support at 131.06 breaks we should not expect a deeper decline, than to 130.79 before the next rally higher.
Trading recommendation:
We are long EUR from 130.60. We will move our stop higher to 130.25. We still recommend buying EUR, but as we get closer to the 133.81 top stops should be tightened to protect any profit.
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 19, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for July 19, 2013
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