Today's Support and Resistance levels:
R3: 133.53
R2: 132.95
R1: 132.42
Current Spot: 132.05
S1: 131.34
S2: 130.95
S3: 130.51
Technical summary:
With the break below 132.88 late Friday we knew, that the 1-2/1-2 scenario was incorrect, and we needed to switch to our expanded leading diagonal scenario. This scenario calls for a deeper correction towards 132.11 and, maybe, even lower towards 131.43. For now, we have seen a low at 131.73 and, therefore, we should expect a short-term correction towards 132.42, before the next push lower towards the ideal corrective target near 131.43. Only from here we should expect wave iii to take over for the next impulsive rally higher towards 137.45 and possibly higher. But for now, we should stay focused on the downside as wave ii is in power.
Trading recommendation:
The stop at 132.85 was triggered for a small loss. Place a new EUR buy-order at 131.55 with a stop at 129.25 or buy EUR upon a break above 133.53 with a stop a few pips below the most recent low.
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 30, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/JPY for September 30, 2013
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