Today's Support and Resistance levels:
R3: 132.78
R2: 132.27
R1: 131.84
Current Spot: 131.43
S1: 131.05
S2: 130.81
S3: 130.30
Technical overview:
After the break above the channel resistance line we are looking for a rally back towards the top at 133.81 in a flat correction, which would mark the b-wave and should be followed by the c-wave lower towards at least 124.96 and possibly lower. In the short term we would like to see minor support at 131.05 to protect the downside for a break above 131.84 and, more importantly, a break above 132.27, which confirms a continuation higher towards 132.59 and 132.78 before our ideal target at 133.81. That said, it should be remembered, that all conditions for the flat b-wave rally already has been fulfilled, so we will have to be aware of signs, that the b-wave should be over and the c-wave decline is ready to start.
Trading recommendation:
We are long EUR from 130.60 and will move our stop higher to 131.00. We will place our take profit at 133.25.
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 22, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for July 22, 2013
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