Today's Support and Resistance levels:
R3: 135.76
R2: 134.95
R1: 134.50
Current Spot: 134.38
S1: 134.18
S2: 133.60
S3: 133.33
Technical summary:
We keep gaining ground, but we still in lack of acceleration towards the upside, which we normally expect during wave iii, but then we are still only in the early stages of wave iii; therefore the expected acceleration can take place any time.
In the short term we would like to see support at 134.18 protecting the downside for the next rally higher towards 134.95 and higher towards our next target at 135.76. However, if we see a break below the support at 134.18, we will find the next minor support at 134.03, but at no time should we trade below 133.60, as that would delay the expected rally higher.
Trading recommendation:
Stay long in EUR from 134.18 and raise your stop to 133.50. If you are not long in EUR, then buy close to 134.18 with the same stop at 133.50.
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 22, 2013 . Thanks for your support on Elliott wave analysis of EUR/JPY for October 22, 2013
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