Elliott wave analysis of EUR/JPY for October 29, 2013
October 29, 2013 6:30 am
Today’s Support and Resistance levels:
R3: 135.32
R2: 134.96
R1: 134.65
Current Spot: 134.40
S1: 134.29
S2: 133.88
S3: 133.60
Technical summary:
We have not seen much action since yesterday and most of that action has been towards the downside. We have seen a break below minor support at 134.52 (the low of 134.29), but important short-term support still holds firm. As long as the support at 133.88 protects the downside, we will be looking for a continuation higher. The first indication that a new rally is developing is a break above 134.65 and more importantly a break above 134.96, which confirms a new rally towards 135.32 and 135.50.
However, the rally since the 133.60 low is not convincing, but we will keep giving the upside the benefit of the doubt until the market action tells us otherwise.
Trading recommendation:
The stop at 134.30 was hit for a small profit. We are looking for a new buying opportunity and will buy a break above 134.65 with a stop at 133.88.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 135.32
R2: 134.96
R1: 134.65
Current Spot: 134.40
S1: 134.29
S2: 133.88
S3: 133.60
Technical summary:
We have not seen much action since yesterday and most of that action has been towards the downside. We have seen a break below minor support at 134.52 (the low of 134.29), but important short-term support still holds firm. As long as the support at 133.88 protects the downside, we will be looking for a continuation higher. The first indication that a new rally is developing is a break above 134.65 and more importantly a break above 134.96, which confirms a new rally towards 135.32 and 135.50.
However, the rally since the 133.60 low is not convincing, but we will keep giving the upside the benefit of the doubt until the market action tells us otherwise.
Trading recommendation:
The stop at 134.30 was hit for a small profit. We are looking for a new buying opportunity and will buy a break above 134.65 with a stop at 133.88.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: