empty
 
 
05.09.2013 08:12 AM
Elliott Wave analysis of EUR/JPY for September 5, 2013

This image is no longer relevant

Today's Support and Resistance levels:

R3: 132.59

R2: 132.28

R1: 131.95

Current Spot: 131.50

S1: 131.38

S2: 131.02

S3: 130.64

Technical summary:

We have seen the expected short-term rally towards the first target at 131.95. We have not hit 131.95 yet, but we still think, that there will be one more rally towards 131.95 before this wave i is over and wave ii takes over in a correction of wave i towards 130.95 and maybe even 130.64 before we can expect the next impulsive rally in wave iii towards at least 133.09. However, for now we should focus on pinpointing the top of wave i, which likely will be at 131.95, but with a possibility of extending higher towards 132.28 and even 132.59 before the wave ii correction takes over.

Trading recommendation:

Stay long in EUR and move your stop higher to 131.25 and take profit at 131.90. When the stop or the take profit is hit place a new order to buy at 130.75 with a stop at 129.30.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • 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