Elliott Wave analysis of EUR/JPY for September 26, 2013
September 26, 2013 6:30 am
Today’s Support and Resistance levels:
R3: 134.95
R2: 134.43
R1: 134.00
Current Spot: 133.85
S1: 133.56
S2: 133.05
S3: 132.68
Technical summary:
As important support at 132.70 held for a new powerful rally above resistance at 133.56 (neckline of an inverted S/H/S bottom – see the 15 minute chart below), we had the confirmation we needed to say that the bottom was in place. It also meant that our slightly preferred 1-2/1-2 count has turned out to be the correct count. This means we should now see a series of powerful wave three’s unfold higher towards at least 137.45 and probably higher.
In the short term we now will find support at the inverted S/H/S neckline at 133.56, which ideally will protect the downside for a continuation higher towards 134.43 and 134.95.
Trading recommendation:
You should be long in EUR from 133.60; place your stop at 132.85. If you are not long in EUR, buy near 133.56 with the same stop at 132.85.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 134.95
R2: 134.43
R1: 134.00
Current Spot: 133.85
S1: 133.56
S2: 133.05
S3: 132.68
Technical summary:
As important support at 132.70 held for a new powerful rally above resistance at 133.56 (neckline of an inverted S/H/S bottom – see the 15 minute chart below), we had the confirmation we needed to say that the bottom was in place. It also meant that our slightly preferred 1-2/1-2 count has turned out to be the correct count. This means we should now see a series of powerful wave three’s unfold higher towards at least 137.45 and probably higher.
In the short term we now will find support at the inverted S/H/S neckline at 133.56, which ideally will protect the downside for a continuation higher towards 134.43 and 134.95.
Trading recommendation:
You should be long in EUR from 133.60; place your stop at 132.85. If you are not long in EUR, buy near 133.56 with the same stop at 132.85.
The material has been provided by InstaForex Company – www.instaforex.com
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