Elliott Wave Analysis of EUR/JPY for September 2, 2013
September 2, 2013 8:45 am
Today’s Support and Resistance Levels:
R3: 131.37
R2: 131.04
R1: 130.56
Current Spot: 130.27
S1: 129.67
S2: 129.30
S3: 129.00
Technical Summary:
We saw short term important resistance at 130.56 protect the upside for one more decline towards support near 129.25. The low for now has been 129.30 and we could have the final low for wave e of the symmetric wave B triangle in place. If wave e of the B wave triangle is in place at 129.30 we should soon see a break above short term important resistance at 130.56 for a rally higher towards the triangle resistance-line near 132.10. A break above the triangle resistance-line will be the first good indication, that wave C higher is developing, but a break above 132.42 (the top of wave d of the triangle) is need to confirm, that wave C is developing for a rally higher towards 139.21 as the next major upside target.
However, at long as important short term resistance at 130.56 protect the upside we must allow the possibility of a deeper wave e towards 129.25 and maybe even 129.00, but under no circumstance can a break below 127.94 (the low of wave c of the triangle) be allowed.
Trading Recommendation:
Stay long EUR from 130.25 with a stop at 127.85. If you are not long EUR yet, then buy near 129.25 or upon a break above 130.56 one order done cancels the other. Place stop at 127.85.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance Levels:
R3: 131.37
R2: 131.04
R1: 130.56
Current Spot: 130.27
S1: 129.67
S2: 129.30
S3: 129.00
Technical Summary:
We saw short term important resistance at 130.56 protect the upside for one more decline towards support near 129.25. The low for now has been 129.30 and we could have the final low for wave e of the symmetric wave B triangle in place. If wave e of the B wave triangle is in place at 129.30 we should soon see a break above short term important resistance at 130.56 for a rally higher towards the triangle resistance-line near 132.10. A break above the triangle resistance-line will be the first good indication, that wave C higher is developing, but a break above 132.42 (the top of wave d of the triangle) is need to confirm, that wave C is developing for a rally higher towards 139.21 as the next major upside target.
However, at long as important short term resistance at 130.56 protect the upside we must allow the possibility of a deeper wave e towards 129.25 and maybe even 129.00, but under no circumstance can a break below 127.94 (the low of wave c of the triangle) be allowed.
Trading Recommendation:
Stay long EUR from 130.25 with a stop at 127.85. If you are not long EUR yet, then buy near 129.25 or upon a break above 130.56 one order done cancels the other. Place stop at 127.85.
The material has been provided by InstaForex Company – www.instaforex.com
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