Today's Support and Resistance levels:
R3: 134.60
R2: 134.03
R1: 133.69 Ideal red wave iii of i target (not shown in the chart)
Current Spot: 133.33
S1: 133.11
S2: 132.75
S3: 132.46
Technical summary:
As we said yesterday, there was no time left and some kind of resolution was expected. We certainly got that. The resolution was towards the upside as per our preferred scenario. With wave ii in place we should now expect a rally towards at least 136.97, where wave iii will be equal in length to wave i, but it is more likely, that wave iii will become extended and move even higher towards 140.46, where wave iii will be 1.618 times wave i.
in the short term we are close to strong short-term resistance at 133.69, which is expected to hold for a correction towards the 132.46 - 132.75 support-zone, from where the next rally higher towards 134.06 as wave i of iii is possible.
Trading recommendation:
Stay long in EUR from 132.20 and move your stop higher to 133.10, take profit at 133.60. Be ready to go long in EUR again within the 132.46-132.75 support-zone.
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 October 11, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/JPY for October 11, 2013
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