Today's Support and Resistance levels:
R3: 132.48
R2: 131.71
R1: 131.36
Current spot: 130.91
S1: 130.72
S2: 130.30
S3: 130.00
Technical overview:
Not much has changed since our analysis yesterday. We saw a test of the first minor target at 131.37 (the high was at 131.36), from where prices were rejected, but it should only be a matter of time before this minor resistance is broken for a continuation higher towards our next target at 132.48. As we said yesterday, this will not be a smooth ride higher. It will be bumpy with lots of moves, that seems out of character. However, we see the rally of the 124.96 low as a part of a very complex correction and nothing more than that. Once we have reached the target for this part of the correction we expect one more decline towards at least 124.96 and possibly even lower towards 118.73, but only time will tell.
Trading recommendation:
We are long EUR from 130.60 and will move our stop higher to 129.85. If you are not long EUR yet, then buy a break above 131.36 with the same stop at 129.85.
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 18, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for July 18, 2013
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