empty
 
 
02.08.2013 12:08 PM
EUR/JPY H1 analysys for 02/08/2013

General overview for 02/08/2013 09:30 CET:

The corrective wave (c) of wave (ii) to the upside went above 61% Fibo level and currently stalled just a shy of 78% Fibo and Weekly Resistance Pivot Level 1 at 131.90. It is possible that the target for this wave is 78% Fibo at 132.00 and this would end a five wave corrective rally in this last wave (c) to the upside. Whatsoever, the whole corrective structure would be in shape of (a)(b)(c) Irregular Flat correction. If this is the correct labeling, then slowly but surely lower prices will come, taking out the recent swing low at 129.32.

Only a break higer, through the recent swing high at 132.72 would invalidate the view and then the alternate count of 1-2,(i)-(ii) would be in play.

Support/Resistance:

132.72 - Swing High

131.90 - 132.00 - WR1 | 78%Fibo | Intraday Resistance Zone |

131.42 - 61% Fibo

130.98 - Weekly Pivot

130.75 - 130.98 - Intraday Support Zone

129.33 - Intraday Support level | Swing Low |

129.23 - WS1

Trading recommendations:

Let's try again to sell the Intraday Resistance Zone at 131.90 - 132.00 with SL above the swing high and potental TP below 129.32 level. This kind of trade produces min. R/R 4:1 for a Swing Trade.

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 $8000 more!
    In March we raffle $8000 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