Today's Support and Resistance levels:
R3: 133.81
R2: 133.24
R1: 132.80
Current Spot: 132.59
S1: 132.34
S2: 131.95
S3: 131.68
Technical summary:
The correction from 133.37 has become slightly deeper than was needed for a perfect form. It has destroyed the bullish outlook, only a break below 131.84 will question the rally from 129.89. However, with a low at 132.34, just one pip below our second support, we should be ready for the next rally higher towards 133.81 and 134.48. In short term a break above 132.80 will be the first good indication that the next rally higher is developing, while a break above 133.24 confirms, that the correction is over and move higher towards 133.81 is ongoing.
Trading recommendation:
Stay long in EUR from 130.75 with your stop at 132.30. If you are not long in EUR yet, then buy after a break above 132.80 with the same stop at 132.30.
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 September 12, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/JPY for September 12, 2013
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