EurJpy approaches support at 119.00
April 2, 2013 11:15 amVideo
Latest News
- Market Comment – Dollar slides as Powell rules out rate hikes May 2, 2024
- RBA decision: will a rate hike be back on the table? – Preview May 2, 2024
- Video market update for May 02, 2024 May 2, 2024
- Technical Analysis – Bullish pressure in AUDUSD lingers May 2, 2024
- Key events on May 2: fundamental analysis for beginners May 2, 2024
- Trading plan for GBP/USD on May 2. Simple tips for beginners May 2, 2024
- Trading plan for EUR/USD on May 2. Simple tips for beginners May 2, 2024
- Technical Analysis of Intraday Price Movement of EUR/USD Main Currency Pairs, Thursday May 02 2024. May 2, 2024
- Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Thursday May 02 2024. May 2, 2024
- Forecast for EUR/USD on May 2, 2024 May 2, 2024
- Forecast for GBP/USD on May 2, 2024 May 2, 2024
- Forecast for AUD/USD on May 2, 2024 May 2, 2024
- Bank of Japan is trapped and increasingly dependent on the Fed’s stance. Overview of USD/JPY May 2, 2024
- Trading Signals for GOLD (XAU/USD) for May 1-2, 2024: buy above $2,290 (21 SMA – 4/8 Murray) May 1, 2024
- Technical Analysis – US 500 index might hit lower levels after Tuesday’s slump May 1, 2024
- Technical Analysis – NZDUSD falls back towards 5-month low May 1, 2024
- Technical Analysis – USDJPY erases losses, but risks remain May 1, 2024
- Video market update for May 01, 2024 May 1, 2024
- What do Q1 earnings hold for Disney’s stock? – Stock Markets May 1, 2024
- Will the post-FOMC jobs report move the dollar? – Preview May 1, 2024
Technical outlook and chart setups:
The single currency pair has been trading near lows/supports since last 2 trading sessions now. Nevertheless, the overall structure remains the same as depicted on the 4H chart view here, till our measured immediate support at 118.75-119.00 remains intact. In the short term charts indicate a bounce on the higher side from current levels in order to complete 3 wave counter trend structure. As shown here, the counter trend structure should end above 126.00 level, completing 3 waves. Supports are spread through 118.75/119.00 levels, followed by 117.00, 116.00 and lower, while resistances are spread from 124.00 level, followed by 126.00, and 127.00/90 respectively. It is recommended to hold long positions till the prices are clearly trading above 118.75. Looking higher from here on.
Trading recommendations:
Remain long, stop is below 118.50, and target is open.
Good Luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: