Today's Support and Resistance levels:
R3: 132.77
R2: 132.44
R1: 132.08
Current spot: 131.76
S1: 131.28
S2: 131.18
S3: 130.79
Technical overview:
We are still looking for the final wave higher towards the ideal target near 134.47. We think the entire rally since the 94.10 low will end wave I and wave II will take over. As wave v of 5 moves higher we must be on high alert to signs that wave I is over. Once wave II takes over we should expect a powerful decline towards the bottom of wave 4 of one lesser degree which comes in at 118.73. However, for now we should still look for the last rally higher and for the short term support at 131.28 and, more importantly, support at 131.18 should protect the downside for a break above 132.08 for next move higher trough 132.77 towards 133.54, and finally 134.47.
Trading recommendation:
We are long EUR from 131.55 and will move stop higher to 131.15 and keep our take profit + reverse of the position at 134.20.
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 17, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for May 17, 2013
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