Today Support and Resistance levels:
R3: 132.42
R2: 132.14
R1: 131.84
Current Spot: 131.21
S1: 131.03
S2: 130.86
S3: 130.63
Technical summary:
Wave ii went a little deeper than to the expected level of 130.64 (the low was at 129.89), but that does not change anything in the larger picture. In the short-term I am looking for support at 130.86 to protect the downside for a break above 131.84 and more importantly a break above 132.14, which would call for 132.42 on the way towards 134.49 and possibly even higher as we thrust out of this B-wave triangle. In the long term I am looking for much higher levels and a rally towards 170.00.
Trading recommendation:
Stay long in EUR from 130.75 with your stop at 129.29.
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 9, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/JPY for September 9, 2013
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