Today's Support and Resistance levels:
R3: 135.76
R2: 135.32
R1: 135.76
Current Spot: 134.72
S1: 134.52
S2: 133.88
S3: 133.60
Technical summary:
We have seen a bottom at 133.88 (our target was at 133.89). The following rally is not yet the most convincing we have seen, but we will give it the benefit of our doubt, as long as minor support at 134.52 and more importantly support at 133.88 protects the downside. In the short term we are looking for a break above 134.96 which indicates a continuation higher towards 135.32 and 135.76 as the next targets. A break below 134.52 will be frustrating, but only a break below 133.88 and more importantly a break below 133.60 will invalidate our bullish scenario and indicate that a much more complex correction is unfolding.
Trading recommendation:
Stay long in EUR from 134.18 and move your stop higher to 134.30. If you are not long in EUR, buy after a break above 134.96 with the same stop at 134.30.
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 October 28, 2013 . Thanks for your support on Elliott wave analysis of EUR/JPY for October 28, 2013
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