EURJPY may be looking to fall/retrace from 1.33/34. Exit long positions
October 18, 2013 6:15 am
Technical outlook and chart setups:
The currency pair looks to be poised to print higher highs according to current wave structure. But a retracement looks to be due before rallying further ahead. It is recommended to exit long positions for now. Aggressive traders might want to go short, risk is at the 135.20 levels. Prices maybe looking to retrace, at least, towards the 132.00/50 area for now. Intermediary support is at 131.00, followed by 129.00, 128.00 and lower; while resistance is at 135.00 respectively. Please note that the pair may be preparing to fall below the 131.00 levels as well. Looking lower at least for now.
Trading tecommendations:
Exit long positions for now. Aggressive trading setup would be to go short with a stop above 135.20/30.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair looks to be poised to print higher highs according to current wave structure. But a retracement looks to be due before rallying further ahead. It is recommended to exit long positions for now. Aggressive traders might want to go short, risk is at the 135.20 levels. Prices maybe looking to retrace, at least, towards the 132.00/50 area for now. Intermediary support is at 131.00, followed by 129.00, 128.00 and lower; while resistance is at 135.00 respectively. Please note that the pair may be preparing to fall below the 131.00 levels as well. Looking lower at least for now.
Trading tecommendations:
Exit long positions for now. Aggressive trading setup would be to go short with a stop above 135.20/30.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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