Today's Support and Resistance levels:
R3: 134.00
R2: 133.54
R1: 132.77
Current spot: 132.42
S1: 132.22
S2: 131.94
S3: 131.55
Technical overview:
It finally seems as we are going to see the last part of the rally towards the ideal target near 134.47. Over the last week a small wave iv of 5 triangle was developing and we saw the start of the thrust towards the upside. In the short term we are looking for support near 132.32 to protect the downside for a break above resistance at 132.77, which will open the upside for a continuation higher towards 133.54 and 134.47 as the ideal target. As we expect this to be the final rally higher, we will move our stops as close as possible and look for sings, that the entire rally since the 94.10 low is coming to an end.
Trading recommendation:
We are long EUR from 132.15 and will move our stop to break-even. Our take profit + revers of the position is placed 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 22, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for May 22, 2013
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