EUR/JPY H1 H4 analysis for 07/08/2013
August 7, 2013 8:45 amVideo
Latest News
- JPY tightens its grip on USD May 7, 2024
- EUR/USD. May 7th. The bulls are running out of strength May 7, 2024
- Forex forecast 05/07/2024: AUD/USD, NZD/USD, USD/CAD and Bitcoin from Sebastian Seliga May 7, 2024
- GBP/USD. May 7th. The pound feels a surge of strength ahead of the Bank of England meeting May 7, 2024
- Demand for USD remains stable May 7, 2024
- Technical Analysis – Gold attempts recovery to only face limitations again May 7, 2024
- Market Comment – Dollar stays weak as Fed rate cut bets increase May 7, 2024
- Hot forecast for EUR/USD on May 7, 2024 May 7, 2024
- Trading plan for GBP/USD on May 7. Simple tips for beginners May 7, 2024
- Trading plan for EUR/USD on May 7. Simple tips for beginners May 7, 2024
- Growth continues: Wall Street in green for third day in a row May 7, 2024
- Forecast for EUR/USD on May 7, 2024 May 7, 2024
- Forecast for GBP/USD on May 7, 2024 May 7, 2024
- Forecast for USD/JPY on May 7, 2024 May 7, 2024
- Technical Analysis of Intraday Price Movement of Gold Commodity Asset, Tuesday May 7, 2024. May 7, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Tuesday May 7, 2024. May 7, 2024
- Outlook for GBP/USD on May 7. A new week, a new rise May 7, 2024
- Outlook for EUR/USD on May 7. The dollar remains depressed May 7, 2024
- The euro will help itself May 7, 2024
- Trading Signals for EUR/USD for May 6-8, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 6, 2024
General overview for 07/08/2013 09:00 CET:
Intraday Resistance area mentioned yesterday was not broken, in fact the price did not even touch the level of 132.75.
It looks like the price might be developing the extended wave v to the downside now with first target at 128.55. Then some corrective price action is expected that shoudn’t go above 129.80 level to keep the bullish momentum intact. The levels at 129.33-129.59 should provide strong resistance now.
target levels just below wave v are DEMAND area at 128.00 – 128.22. In case the price go to that low I expect some corrective reaction in this zone.
Support/Resistance:
131.94 – Swing High
131.03 – Weekly Pivot
130.13 – WS1
129.80 – Intraday Resistance
129.33-129.59 – Technical Resistance zone
128.55 – Wave v Target level
128.43 – WS2
129.00 – 128.22 – DEMAND ZONE
Trading recommendations:
When the price hits the target levels or even the DEMAND ZONE, yesterday’s short positions should be closed and traders should prepare for more choppy price action in a corrective cycle. Long positions for intraday scalping from DEMAND area should be considered with SL just below 128.00, and potential TP at 128.43.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: