Technical analysis of EUR/JPY for November 4, 2015
November 4, 2015 7:40 am
General overview for 04/11/2015 08:00 CET
The current wave development is very slow as it is typical for wave b progression. Nevertheless, the building bullish divergence between the price and momentum oscillator suggest that a rebound to the upside is unavoidable sooner or later. Please notice the wave b purple might go as low as the intraday support at the level of 131.58 before reversal.
Support/Resistnace:
131.58 – Intraday Support
131.75 – WS1
132.82 – Weekly Pivot
133.73 – Intraday Resistance
133.70 – 133.92 – Demand Breakthrough Zone
Trading recommendations:
Day traders should refrain from trading until a clearer trading setup occurs.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 04/11/2015 08:00 CET
The current wave development is very slow as it is typical for wave b progression. Nevertheless, the building bullish divergence between the price and momentum oscillator suggest that a rebound to the upside is unavoidable sooner or later. Please notice the wave b purple might go as low as the intraday support at the level of 131.58 before reversal.
Support/Resistnace:
131.58 – Intraday Support
131.75 – WS1
132.82 – Weekly Pivot
133.73 – Intraday Resistance
133.70 – 133.92 – Demand Breakthrough Zone
Trading recommendations:
Day traders should refrain from trading until a clearer trading setup occurs.
The material has been provided by InstaForex Company – www.instaforex.com
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