Elliott Wave Analysis of EUR/JPY for October 2, 2013
October 2, 2013 6:15 am
Today’s Support and Resistance levels:
R3: 133.48
R2: 132.98
R1: 132.62
Current Spot: 132.38
S1: 132.13
S2: 131.98
S3: 131.64
Technical summary:
The correction we expected went a little deeper than the ideal of 132.25, but that does not change the overall bullish outlook. In the short term we are looking for 132.13 to protect the downside for a break above 132.62 as the first indication that this correction is over and that the next impulsive rally is building. However, we need a break above 132.98 to confirm this rally higher towards 133.48 and 135.26 on the way higher towards 137.45.
That means, we have to accept the possibility of an even deeper correction towards 131.98 and even to 131.64 as long as the resistance at 132.62 protects the upside. This is not our preferred count, but a possibility.
Trading recommendation:
Stay long in EUR from 132.55 with a stop at 131.60. If you are not long in EUR, buy EUR upon a break above 132.62 with the same stop at 131.60.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 133.48
R2: 132.98
R1: 132.62
Current Spot: 132.38
S1: 132.13
S2: 131.98
S3: 131.64
Technical summary:
The correction we expected went a little deeper than the ideal of 132.25, but that does not change the overall bullish outlook. In the short term we are looking for 132.13 to protect the downside for a break above 132.62 as the first indication that this correction is over and that the next impulsive rally is building. However, we need a break above 132.98 to confirm this rally higher towards 133.48 and 135.26 on the way higher towards 137.45.
That means, we have to accept the possibility of an even deeper correction towards 131.98 and even to 131.64 as long as the resistance at 132.62 protects the upside. This is not our preferred count, but a possibility.
Trading recommendation:
Stay long in EUR from 132.55 with a stop at 131.60. If you are not long in EUR, buy EUR upon a break above 132.62 with the same stop at 131.60.
The material has been provided by InstaForex Company – www.instaforex.com
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