Today's support and resistance levels:
R3: 130.64
R2: 129.90
R1: 129.65
Current Spot: 129.30
S1: 128.80
S2: 128.45
S3: 128.09
Technical overview:
We are looking for a rally higher towards 131.27 or just above in red wave c. This should end wave b and should be followed by wave c lower towards at least 124.96 and possibly lower. We are currently in the part of the correction since the 133.81 high, that has the lowest visibility. Therefore, we are working with the pattern, which we think has the highest possibility, but it could easily change into a new pattern. The other possible pattern will be that the X-wave after the 126.15 low has turned into an running triangle (wave b ended lower than the start of wave a) and if this is the case. We are just about to finish wave e and begin the next powerful decline. If it is a triangle we should not see a break above 129.90.
Trading recommendation:
We are neutral awaiting the picture to clear. We are looking for selling opportunities and will sell EUR at 131.15 or upon a break below 126.57 (low of wave d, if it is a triangle)
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 1, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for July 1, 2013
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