Today's Support and Resistance levels:
R3: 133.37
R2: 133.17
R1: 132.64
Current Spot: 132.38
S1: 132.04
S2: 131.63
S3. 131.22
Technical summary:
We have been trading in a very narrow 40 pips range since yesterday. We are still looking for a break above 132.64 to confirm that red wave ii is over and red wave iii has taken over for the next impulsive rally higher towards 133.37 and 138.00 as the next major target. However, as long as resistance at 132.64 protects the upside we should accept the possibility for a new attack on support at 131.63, and if it is broken, a deeper correction towards 131.37 and, less likely, even lower towards 130.98 is expected before higher movements again.
Trading recommendation:
If you are long in EUR, then stay long with your stop at 130.95. If you are not long yet, then wait for a break above 132.64 to buy EUR with the same stop at 130.95.
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 17, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/JPY for September 17, 2013
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