Elliott wave analysis of EUR/JPY for October 25, 2013
October 25, 2013 6:15 am
Today’s Support and Resistance levels:
R3: 134.79
R2: 134.52
R1: 134.31
Current Spot: 134.16
S1: 133.89
S2: 133.60 – Important short term support.
S3: 133.33
Technical summary:
We continue to expect that the short-term minor support at 133.89 will protect the downside for a break above 134.31 and more importantly a break above 134.52, which confirms a new test of 134.79 and a break here confirms that green wave iii is developing for a rally higher towards 135.26 and 136.08.
However, a break below 133.89 will frustrate the bullish picture, but only a break below important support at 133.60 will invalidate the bullish count and indicate that a much more complex correction is unfolding for a decline towards 133.30 and likely even 132.61, before higher again.
Trading recommendation:
Stay long in EUR from 134.18 with your stop placed at 133.85.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 134.79
R2: 134.52
R1: 134.31
Current Spot: 134.16
S1: 133.89
S2: 133.60 – Important short term support.
S3: 133.33
Technical summary:
We continue to expect that the short-term minor support at 133.89 will protect the downside for a break above 134.31 and more importantly a break above 134.52, which confirms a new test of 134.79 and a break here confirms that green wave iii is developing for a rally higher towards 135.26 and 136.08.
However, a break below 133.89 will frustrate the bullish picture, but only a break below important support at 133.60 will invalidate the bullish count and indicate that a much more complex correction is unfolding for a decline towards 133.30 and likely even 132.61, before higher again.
Trading recommendation:
Stay long in EUR from 134.18 with your stop placed at 133.85.
The material has been provided by InstaForex Company – www.instaforex.com
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