empty
 
 
17.07.2013 11:18 AM
Elliott Wave analysis of EUR/JPY for July 17, 2013

This image is no longer relevant

Today's Support and Resistance levels:

R3: 131.31

R2: 131.12

R1: 130.82

Current spot: 130.54

S1: 130.43

S2: 130.25

S3: 130.00

Technical overview:

Since the break above the channel resistance line occured we have seen a consolidation, but it should not be long before we see the next rally higher towards 131.37 and 132.48 as the next targets before the top at 133.81. We see this rally as a part of a very complex correction. In the short term we are looking for minor support at 130.25 to protect the downside for a break above resistance at 130.82 confirming the rally towards 131.37 and higher. In the long term we still see the possibility of a deeper correction towards the bottom of wave iv of one lesser degree at 118.73, but it is also possible that we will get a sub-normal correction of price, however it is in the longer term.

Trading recommendation:

We are long EUR from 130.60 with a stop placed at 128.85. If you are not long EUR yet, then buy close to 130.25 or upon a break above 130.82 (one order done cancels the other). Place your stop at 128.85 too.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback