empty
 
 
02.10.2013 11:45 AM
EUR/JPY H1 analysis for October 2, 2013

General overview for 02/10/2013 08:30 CET

Overlaping price action and lack of impulsive wave development might suggest that alternate count could be in charge IF the low of the wave (i) OR A green is taken out.

The level of 131.62 is very important for overall wave progression and important support levels, so please keep an eye on that level.

The Expanding Leading Diagonal might be invalidated if the price breaks out to the downside, below the 131.62 level, because this would be first clue that alternate count is in charge here.

Next support level for this pair is at 131.00 (green triangle line support) and then 129.91 level (technical support).

Support/Resistance:

129.91 - Technical Support

131.00 - Green trend line support

131.62 - 131.74 - Techncial Support Zone

132.32 - Intraday Resistance

132.48 - Weekly Pivot

Trading recommendations:

If 132.61 is broken to the downside, further short positions should be in play. Entry should be on a TEST MOVE FROM THE DOWNSIDE as close as possible to the 132.61 level with tigh SL. Potential TP levels are 131.00 and 129.91.

This image is no longer relevant

Summary
Urgency
Analytic
Sebastian Seliga
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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