empty
 
 
01.08.2013 01:22 PM
EUR/JPY H1 and H4 analysys for 01/08/2013

General overview for 01/08/2013 11:30 CET:

Long time anticipated Bull Flag technical pattern target projection at 132.45 has been hit and price is now in reverse mode as there are some indications that a corrective wave (b) cycle might has been finished: price broken out below red channel trend line in five impulsive waves and now it is trying to test the channel line from the downside. Price is expected to fail here and continue lower in impulsive wave development and the first clue will be a break of longer time frame golden trend line.

Judging by the wave structure on H1 time frame it looks like the overall corrective cycle might get more complex here so please consider more whipsaws while trading the correction. Price is now on Weekly Pivot level area and Intraday Resistance zone @ 130.75 - 130.98 that had capped the rally. However, there is a possibility of a slight further advance to the 61% Fibo area if the Weekly Pivot level will get broken.

Support/Resistance:

132.72 - Swing High

131.90 - WR1

131.32 - 131.42 - 61%Fibo | SUPPLY ZONE |

130.98 - Weekly Pivot

130.75 - 130.98 - Intraday Resistance Zone

129.33 - Intraday Support level

129.23 - WS1

Trading recommendations:

Selling the Weekly Pivot level at 131.98 with SL above 61% Fibo at 131.42 in anticipation of a new low to come produce a min. 5:1 R/R trade.

This image is no longer relevant

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 $5000 more!
    In November we raffle $5000 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