Today's support and resistance levels:
R3: 131.62
R2: 131.12
R1: 130.37
Current Spot: 129.84
S1: 129.72
S2: 129.32
S3: 128.98
Technical overview:
We have seen a test of important resistance at 130.37, but not yet been able to break above this resistance. However, we think that it is just a matter of time before we see this break for a continuation higher towards the top of wave 3 at 131.12 and higher towards 131.62. Our target for this wave 5 is near 135.42. In the short term we expect minor support at 129.72 to protect the downside for the a break above 130.03 that indicates a new test of important resistance at 130.37.
Trading recommendation:
We long EUR from 127.30 and move our stop higher to 128.95. If you do not have long EUR positions, then buy near 129.72 or a break above 130.03 with the same stop.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Elliott wave analysis of EUR/JPY for May 9, 2013 . Thanks for your support on Elliott wave analysis of EUR/JPY for May 9, 2013
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