InstaPoster
07-06-2012, 09:42 AM
http://forex-images.instaforex.com/userfiles/20120706/EUR-JPY_4_Hour.png
Today's Support and Resistance Levels:
Support Resistance
1: 98.30 1: 99.09
2: 97.41 2: 99.73
3: 96.36 3: 100.82
Technical Overview:
Both black and blue waves iii are under way, and we should soon see a break below support at 98.30, which will call for a decline into the 97.38 - 97.41 area, but a continuation down to support near 95.62 is very probable as wave iii gathers momentum.
In longer term we are looking for a continuation down to 94.58, which is ideal target for the entire decline since 111.43. However, we should watch carefully how the decline unfolds.
What is the risk at this point? At no point should we see a break above 99.73, as that would force a minor re-count. It will take a break above 100.82 to invalidate the count.
Trading Recommendations:
You should be short EUR against JPY from 99.55. Move stop down to 99.75 and take profit at 95.80. If you are not short EUR already, sell a break below 98.30 (98.25) with the same stop and take profit levels.
The material has been provided by Instaforex Company - instaforex.com (http://instaforex.com/)
Today's Support and Resistance Levels:
Support Resistance
1: 98.30 1: 99.09
2: 97.41 2: 99.73
3: 96.36 3: 100.82
Technical Overview:
Both black and blue waves iii are under way, and we should soon see a break below support at 98.30, which will call for a decline into the 97.38 - 97.41 area, but a continuation down to support near 95.62 is very probable as wave iii gathers momentum.
In longer term we are looking for a continuation down to 94.58, which is ideal target for the entire decline since 111.43. However, we should watch carefully how the decline unfolds.
What is the risk at this point? At no point should we see a break above 99.73, as that would force a minor re-count. It will take a break above 100.82 to invalidate the count.
Trading Recommendations:
You should be short EUR against JPY from 99.55. Move stop down to 99.75 and take profit at 95.80. If you are not short EUR already, sell a break below 98.30 (98.25) with the same stop and take profit levels.
The material has been provided by Instaforex Company - instaforex.com (http://instaforex.com/)