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11.12.2013 10:57 AM
EUR/JPY H1 analysis for December 11, 2013

General overview for 11/12/2013 07:30 CET

Both yesterday's targets was hit and the market is giving us some first indications of a possible top in place.

The first wave down has been done and now corrective cycle wave (ii) is developing. The first two waves a and b look to be done and there is one more wave missing to the upside to finish the corrective cycle UNLESS the cycle has been finished earlier.

Break below 141.00 as Intraday Support level makes Weekly Pivot prone to test. If Weekly Pivot is broken - this is the first weak top confirmation.

Support/Resistance:

142.15 - Swing High | Intrday Resistance |

141.74 - Intraday Resistance

141.00 - Intraday Support

140.70 - Weekly Pivot

Trading recommendations:

Sell the Intraday Resistance level at 141.74 with SL above 141.15 and TP at 141.00

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Summary
Urgency
Analytic
Sebastian Seliga
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