EUR/JPY H1,H4, and D1 analysis for November 08, 2013
November 8, 2013 12:15 pm
General overview for 08/11/2013 08:30 CET
Due to lack of wave development in the anticipated way after yesterdays ECB suprise rate cut, a new count has been made that changes just slightly the old one.
The main focus in the count is whether Ending Diagonal wave 5 has been done or not in Daily chart. The multi-month golden trend line break out to the downside suggests more lower prices to come, but there is still a chance that if the price manages to get back to the channel (KEY ZONE), then the target levels are still available. On the other hand, if the price bumps into the golden trendline and reverses, then next important level of support is the wave 2 of Ending Diagonal level at 128.00.
A break below 131.50 will invalidate the bullish option anyway, and this is the first clue for the alternate count to be in play.
Support/Resistance:
131.20 – Intraday Support
131.70 – WS1
131.88 – Intraday Resistance
132.71 – Intraday Resistance
133.56 – Weekly Pivot
133.70 – SUPPLY ZONE
Trading recommenadions:
Any price break below 131.20 is very bearish, BUT the overall bias is neutral now.
Only Intraday Scalps shoul be in play:
– short entries from CPM 131.77 with SL above 131.89 and potential TP at 131.35
– long entries from 131.90 with tight SL and potential TP at 132.71.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 08/11/2013 08:30 CET
Due to lack of wave development in the anticipated way after yesterdays ECB suprise rate cut, a new count has been made that changes just slightly the old one.
The main focus in the count is whether Ending Diagonal wave 5 has been done or not in Daily chart. The multi-month golden trend line break out to the downside suggests more lower prices to come, but there is still a chance that if the price manages to get back to the channel (KEY ZONE), then the target levels are still available. On the other hand, if the price bumps into the golden trendline and reverses, then next important level of support is the wave 2 of Ending Diagonal level at 128.00.
A break below 131.50 will invalidate the bullish option anyway, and this is the first clue for the alternate count to be in play.
Support/Resistance:
131.20 – Intraday Support
131.70 – WS1
131.88 – Intraday Resistance
132.71 – Intraday Resistance
133.56 – Weekly Pivot
133.70 – SUPPLY ZONE
Trading recommenadions:
Any price break below 131.20 is very bearish, BUT the overall bias is neutral now.
Only Intraday Scalps shoul be in play:
– short entries from CPM 131.77 with SL above 131.89 and potential TP at 131.35
– long entries from 131.90 with tight SL and potential TP at 132.71.
The material has been provided by InstaForex Company – www.instaforex.com
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