Today's Support and Resistance levels:
R3: 134.48
R2: 134.14
R1: 133.81
Current Spot: 133.27
S1: 132.72
S2: 132.35
S3: 131.95
Technical summary:
This pair is working its way higher towards the perfect target at 134.48 after we have begun the thrust out of the triangle consolidation. We will likely see a minor top at 134.14 for a correction towards 133.81, just follow the next rally higher to the ideal target at 134.48. Once at 134.48 we should expect a new correction towards 132.72 before the next impulsive rally higher towards 138.62. As we are in an impulsive wave higher, we should expect, that corrections will tend to be relatively small.
Trading recommendation:
Stay long in EUR from 130.75 and move your stop higher to 132.30. If you are not long in EUR yet, then buy near 132.72 with the same stop at 132.30.
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 11, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/JPY for September 11, 2013
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