Elliott Wave Analysis of EUR/JPY for October 10, 2013
October 10, 2013 6:45 am
Today’s Support and Resistance levels:
R3: 132.69
R2: 1.3236
R1: 132.18
Current Spot: 131.89
S1: 131.74
S2: 131.51
S3: 131.12
Technical summary:
There is no more time left, we are at a make-it-or-break-it point. Either the triangle concept is going to hold, by breaking above 132.18 for a continuation higher towards 133.21 and 134.95 on the way to 132.69 or we are going to see a break below support line, which currently is near 130.90 for a continuation lower towards 127.97 and 120.22.
We still prefer the triangle concept (see the chart above), but there is the opportunity that the market shows us a breaks below the support line near 130.90, which brings our alternate count into the picture (see the chart below).
Trading recommendation:
Buy upon a break above 132.18 (buy at 132.20) with a stop at 131.10 or sell after a break below 130.90 (sell at 130.85) with a stop at 132.20.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 132.69
R2: 1.3236
R1: 132.18
Current Spot: 131.89
S1: 131.74
S2: 131.51
S3: 131.12
Technical summary:
There is no more time left, we are at a make-it-or-break-it point. Either the triangle concept is going to hold, by breaking above 132.18 for a continuation higher towards 133.21 and 134.95 on the way to 132.69 or we are going to see a break below support line, which currently is near 130.90 for a continuation lower towards 127.97 and 120.22.
We still prefer the triangle concept (see the chart above), but there is the opportunity that the market shows us a breaks below the support line near 130.90, which brings our alternate count into the picture (see the chart below).
Trading recommendation:
Buy upon a break above 132.18 (buy at 132.20) with a stop at 131.10 or sell after a break below 130.90 (sell at 130.85) with a stop at 132.20.
The material has been provided by InstaForex Company – www.instaforex.com
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