Elliott wave analysis of EUR/JPY for October 18, 2013
October 18, 2013 6:15 am
Today’s Support and Resistance levels:
R3: 135.05
R2: 134.55
R1: 134.10
Current Spot: 133.86
S1: 133.84
S2: 133.57
S1: 133.30
Technical summary:
We have seen the expected move higher, but no acceleration, which does worry. However, as long as the minor support at 133.84 and more importantly as long as the support at 133.57 protects the downside, we will be looking for a continuation higher towards 134.55 and 135.05, as the next targets on the way higher towards the ideal red wave iii target near 137.04.
If, however, we do break below 133.55, we will have to consider the rally from 132.61 as a part of an more complex correction, but for now we will keep our focus towards the upside, as long as the support at 133.84 holds firm.
Trading recommendation:
Stay long from 133.65 and raise your stop to break-even. If you are not long in EUR, then buy EUR upon a break above 134.10 with the same stop at 133.65.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 135.05
R2: 134.55
R1: 134.10
Current Spot: 133.86
S1: 133.84
S2: 133.57
S1: 133.30
Technical summary:
We have seen the expected move higher, but no acceleration, which does worry. However, as long as the minor support at 133.84 and more importantly as long as the support at 133.57 protects the downside, we will be looking for a continuation higher towards 134.55 and 135.05, as the next targets on the way higher towards the ideal red wave iii target near 137.04.
If, however, we do break below 133.55, we will have to consider the rally from 132.61 as a part of an more complex correction, but for now we will keep our focus towards the upside, as long as the support at 133.84 holds firm.
Trading recommendation:
Stay long from 133.65 and raise your stop to break-even. If you are not long in EUR, then buy EUR upon a break above 134.10 with the same stop at 133.65.
The material has been provided by InstaForex Company – www.instaforex.com
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