empty
 
 
11.10.2013 08:38 AM
Elliott Wave Analysis of EUR/JPY for October 11, 2013

This image is no longer relevant

Today's Support and Resistance levels:

R3: 134.60

R2: 134.03

R1: 133.69 Ideal red wave iii of i target (not shown in the chart)

Current Spot: 133.33

S1: 133.11

S2: 132.75

S3: 132.46

Technical summary:

As we said yesterday, there was no time left and some kind of resolution was expected. We certainly got that. The resolution was towards the upside as per our preferred scenario. With wave ii in place we should now expect a rally towards at least 136.97, where wave iii will be equal in length to wave i, but it is more likely, that wave iii will become extended and move even higher towards 140.46, where wave iii will be 1.618 times wave i.

in the short term we are close to strong short-term resistance at 133.69, which is expected to hold for a correction towards the 132.46 - 132.75 support-zone, from where the next rally higher towards 134.06 as wave i of iii is possible.

Trading recommendation:

Stay long in EUR from 132.20 and move your stop higher to 133.10, take profit at 133.60. Be ready to go long in EUR again within the 132.46-132.75 support-zone.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback