Today's support and resistance levels:
R3: 131.00
R2: 130.64
R1: 130.28
Current spot: 130.04
S1: 129.80
S2: 129.39
S3: 128.92
Technical overview:
With the break above 129.90 we had the confirmation that we needed to exclude the possible running triangle and continue working with our zig-zag wave b towards 131.27 or just above. Once this b-wave is finished, we should expect a powerful decline to the downside, with a minimum target at 124.96, but it is likely to go lower than that. In short term we are looking for support at 129.80, which ideally will protect the downside for the next rally higher towards 131.27. However, it will take a break below 128.85 to invalidate our call for a rally towards 131.27 and indicate that wave b is over and wave c lower already is developing.
Trading recommendation:
We are looking to sell EUR either at 131.15 or upon a break below 128.85 (one order done cancels the other).
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 2, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for July 2, 2013
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