Today's Support and Resistance levels:
R3: 133.81 (top on May 22)
R2: 132.74 (top of wave c of the triangle)
R1: 132.34
Current Spot: 132.14
S1: 131.92
S2: 131.52
S1: 131.05
Technical summary:
We have seen the expected rally towards the triangle resistance-line near 132.00 and we will now be looking for the final e-wave of the triangle. This e-wave could fall all the way towards the the triangle support-line near 129.00, but it is more likely to end early, which would likely mean a termination of wave e close to 129.60. Once wave e is in place we should be looking for a new impulsive rally higher towards 140.98 as the next major upside target, but longer term we are looking for much higher levels closer to 170.00
Trading recommendation:
Look to buy EUR at 130.10 or upon a break above 132.74 (buy at 132.85). Place your stop at 127.90 expecting to be able to rais it soon after your entry.
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 August 23, 2013 . Thanks for your support on Elliott wave analysis of EUR/JPY for August 23, 2013
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