Fundamental Analysis, for August 03, 2012
USD/CAD Intraday Technical Analysis and Trading Recommendations for August 3,...
News: 2012-08-03 13:41:16 UTC+00 9 months, 2 weeks, 6 days, 12 hours, 2 min. ago
EUR/JPY Elliott Wave Analysis for August 3 - 2012


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Today's Support and Resistance Levels: 

S1: 94.98                      R1: 96.58

S2: 94.66                      R2: 96.98

S3: 94.09 (Bottom)     R3: 97.33

 

 

Technical Overview:
With the decline to 94.98 after yesterday’s Central Banks and the ECB disappointment, the corrective wave ii from 97.33 is most likely done and a new impulsive rally should be under way in wave iii towards 100.30
In short term a break above minor resistance at 96.65 can confirm that wave ii is over and wave iii is under way.
At this point only a break below 94.09 will invalidate the count as force a new count.

Trading Recommendation:
You should be long EUR against JPY from 95.85 with a stop at 94.05. Lift stop to 94.95 upon a break above 96.65. If you are not long EUR already, wait for a break above 96.65 to buy with a 94.95 stop.

Performed by
Analytical expert: Torben Melsted
InstaForex Group © 2007-2013
 Published: 2012-08-03 13:41:16 UTC+00 9 months, 2 weeks, 6 days, 12 hours, 2 min. ago

 
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