Elliott wave analysis of EUR/JPY for October 30, 2013
October 30, 2013 6:30 am
Today’s Support and Resistance levels:
R3: 135.76
R2: 135.32
R1: 135.01
Current Spot: 134.86
S1: 134.65
S2: 134.26
S3: 133.88
Technical summary:
We continues to gain a little ground all the time, but not in a very convincing way. However, as we have done for the week, we will keep giving the upside the benefit of the doubt and expect a continuation higher towards 135.32 and 135.76 as long as support at 134.65 and more importantly as long as support at 134.26 protects the downside. Only a break below 134.26 will indicate, that a more complex correction is unfolding for a decline towards 133.25 and possibly even lower to 132.61.
Trading recommendation:
Stay long in EUR from 134.65 an move your stop higher to 134.20. If you are not long in EUR yet, then buy after a break above 135.01 with the same stop at 134.20.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 135.76
R2: 135.32
R1: 135.01
Current Spot: 134.86
S1: 134.65
S2: 134.26
S3: 133.88
Technical summary:
We continues to gain a little ground all the time, but not in a very convincing way. However, as we have done for the week, we will keep giving the upside the benefit of the doubt and expect a continuation higher towards 135.32 and 135.76 as long as support at 134.65 and more importantly as long as support at 134.26 protects the downside. Only a break below 134.26 will indicate, that a more complex correction is unfolding for a decline towards 133.25 and possibly even lower to 132.61.
Trading recommendation:
Stay long in EUR from 134.65 an move your stop higher to 134.20. If you are not long in EUR yet, then buy after a break above 135.01 with the same stop at 134.20.
The material has been provided by InstaForex Company – www.instaforex.com
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