Today's support and resistance levels:
R3: 133.54
R2: 132.95
R1: 132.40
Current spot: 132.20
S1: 131.84
S2: 131.57
S3: 131.29
Technical overview:
We are still headed for resistance near 133.59 in the short term, where we will likely find the top of wave iii of 5 and after a brief correction in wave iv down to the 131.56 - 131.79 area we should see the final rally higher in wave v of 5 towards 135.47. As we are getting closer to the ideal target for the entire rally from 94.10, we should be aware of signs that this major rally is coming to an end and wave 2 is ready to take over. However, for now we should still be focused towards the upside and the expected test of 133.59 soon.
Trading recommendation:
We long EUR from 127.30 and upon a break above 132.40 we will move our stop higher to 131.30 from the current level of 130.20. We have placed our take profit + reversal of the position at 135.00. If you do not have long positions on EUR already, then buy close to 131.59 and use the same stops.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EUR/JPY Elliott wave analysis for May 14, 2013 . Thanks for your support on EUR/JPY Elliott wave analysis for May 14, 2013
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