empty
 
 
05.12.2013 11:11 AM
EUR/JPY H1 analysis for December 5, 2013

General overview for 05/12/2013 08:30 CET

The level of 140.00 capped the upside progression and now some downside movement has started but it is lacking momentum so far.

The alternate count here seems to fit better than the main one due to ovelaping price action. This is why the main count is abc green as for Triangle pattern. Anyway, there is still a possibility that this is first i-ii, (i)-(ii) wave progression and if the golden channel holds, the price is likely to impulsivley break the channel lower line to the downside.

On the other hand, the zone of 139.41 - 139.59 is Demand Breakthrough Zone and the price above this zone increases the probability of another high tracked by alternate count.

Support/Resistance:

140.00 - 4 Year high | Technical resistance |

139.59 - 139.41 - Demand breakthrough zone

139.28 - Intraday resistance

138.80 - Weekly pivot

138.41 - Intraday support

137.96 - 138.30 - MAIN SUPPORT ZONE

137.84 - WS1

Trading recommendations:

As long as golden trend line holds, short positions should be in play with entry as close as possible to 139.00 level and SL above 139.30. TP levels are TP1 @ 138.80 and TP2 @ 138.42.

This image is no longer relevant

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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