Today's support and resistance levels:
R3: 130.86
R2: 130.48
R1: 130.18
Current Spot: 129.89
S1: 129.69
S2: 129.40
S3: 128.83
Technical overview:
The price action we saw yesterday is in no way supportive for an imminent decline. Rather it flashes that we will see one more attack towards the upside closer to 130.59 before the next decline can be expected. Only a direct break below 129.69 and more importantly a break below 129.39 confirms, that we are ready to explore the downside again. Looking at the larger picture we still think that wave II is incomplete. We have two options a long sideways consolidation between 124.96 and 133.81 or a deeper decline towards 118.33. We still favor the deep decline towards 118.33, but there is clearly a tug of war going on between the bulls and the bears. So we will just have to wait patiently.
Trading recommendation:
We are short EUR from 130.25 with a break-even stop at 130.25. If our stop is hit we will re-sell EUR at 130.50 with a stop at 131.25.
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 9, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for July 9, 2013
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