Today's Support and Resistance levels:
R3: 133.37
R2: 133.17
R1: 132.64
Current Spot: 132.49
S1: 132.34
S2: 132.10
S3: 131.87
Technical summary:
We are still looking for the break above important resistance at 132.64 to give us the "go" for the next impulsive rally higher towards 133.87 and 138.00 as the next long-term target.
Ideally, resistance at 132.64 will be broken at the next attempt, but as long as it protects the upside we must accept the possibility for a renewed downside pressure towards 132.10 and maybe even lower towards 131.87, but we should not break below 131.87. If we do break below 131.87, we should expect even more downside pressure towards strong support at 130.98. This has become a waiting game and a silent fight between the Bulls and the Bears and we need to be patient and wait for confirmation who becomes the winner.
Trading recommendation:
Stay long in EUR from 132.60 and keep you stop at 130.95. If you are not long in EUR, wait for the break upon 132.64 before buying 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 18, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/JPY for September 18, 2013
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