Today's Support and Resistance Levels:
R3: 132.69
R2: 132.36
R1: 132.15
Current Spot: 132.08
S1: 131.78
S2: 131.42
S3: 131.12
Technical Summary:
Important support near 130.81 held well and has given my preferred count some relief, but we are in no way safe yet. Only a break above important resistance at 132.69, would indicate, that a new impulsive rally is developing for a new run towards 134.95 and higher towards 137.35. However, as long as resistance at 132.69 protects the upside we have to be aware, that a break below will change my preferred count to the my alternate count (see the chart below), which tells us, that the correction from the May 22 high at 133.81 still is ongoing for a decline closer to 120.22.
EUR/JPY alternate count
Today's Support and Resistance Levels:
R3: 1.6464
R2: 1.6425
R1: 1.6398
Current Spot: 1.6362
S1: 1.6332
S2: 1.6293
S3: 1.6267
Technical Summary:
The short term consolidation is becoming pretty messy and hard to read, but as long as support at 1.6267 protects the downside, I will be looking for a break above 1.6405 and 1.6425 to confirm the next rally higher towards 1.6515 and 1.6987 in the next impulsive rally. However, as long as important resistance at 1.6405 holds firm, we have to be aware of the downside risk, which a break below 1.6267 will highlight for a new test of 1.6071 and even lower towards 1.5872.
it seems eurjpy is building a bear flag timeframe 4h! it seems is loosing power to rise more...
ReplyDeleteIt seems your forescast about gbpusd is working like you told!!
ReplyDeleteIt seems gbpusd is building a huge H&S!!