Today's Support and Resistance levels:
R3: 135.05
R2: 134.55
R1: 134.18
Current Spot: 133.97
S1: 133.60
S2: 133.33
S3: 132.96
Technical summary:
With a break below the short-term support at 133.84, we have seen a correction lower to 133.60, but we could still see a slightly deeper correction towards 133.57 and maybe even to 133.33, before the impulsive rally higher towards 135.76 and possibly higher towards 137.70 in wave iii of iii. Only a break below the important support at 132.61 will invalidate the bullish count and indicate that a much more complex correction is unfolding and a decline towards 131.52 before moving upwards again.
Trading recommendation:
The long EUR-position was stopped out at breakeven, and we are looking for a new EUR-buying opportunities. Buy EUR at 133.40 or upon a break above 134.18 with a stop at 132.55.
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 21, 2013 . Thanks for your support on Elliott wave analysis of EUR/JPY for October 21, 2013
No comments:
Post a Comment