Today's Support and Resistance Levels:
S1: 96.95 R1: 97.28
S2: 96.84 R2: 97.40
S3: 96.76 R3: 97.80
Technical Overview:
We have now seen the expected decline to just below 96.70 with a low at 96.58 and now we should focus again towards the upside for a break above 97.40, which will indicate a new test of 97.80 on the way to 100.30 and likely even 101.52.
If red wave iii has begun as we expect, the coming rally will be dynamic and powerful. Third wave nature is commonly described as wonder-waves, they can become almost vertically and most of the time cover most of the price-action in an impulsive wave.
Trading Recommendation:
You should be long EUR against JPY from 95.85 with a stop at 94.95. Lifting the stop to 96.55 upon a break above 97.80, will provide you with a profit no matter what happens. If you are not long EUR already and did not buy just below 96.70 yesterday, you can buy EUR here or upon a break above 97.20 with the same stop.
| Performed by Torben Melsted, Analytical expert InstaForex Companies Group © 2007-2012 |
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