General overview for 06/09/2013 08:00 CET
The demand broke through the grey rectangle zone yesteday but immediatly bounced back when it hit green triangle line.
The bounce was in five waves, that are finished and now the price is in corrective cycle. This correction may go as high as WR1 area of 131.47 and should reverse from this area making a potential right shoulder for Head&Shoulder technical formation. Then impulsive wave progression is expected that migh break the 130.79 support level and hit very important Key Level of 130.55 an even test the Weekly Pivot level. If this one is broken, then next support is at 129.26.129.48 is DEMAND area below.
On the other hand, a failure to break the 130.55 level will produce a bounce and the price might be back to the 131.50 area and try to test the recent high again.
Support/Resistance:
132.41 - Swing High
132.05 - 88.6%Fibo | Green Triangle Line |
131.74 - 78.6%Fibo
131.47 - WR1
13085 - 130.79 - Intraday Support | 59%Fibo |
130.55 - Technical Support | Key Level |
130.37 - Weekly Pivot
129.26 - 129.40 - DEMAND ZONE
Trading recommendations:
After the green triangle line maintained unbroken, the short side of the market should be in play with entry area at the 131.47 level (right shoulder area) and tight SL. The potential TP level is at 130.79 and then 130.55.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EUR/JPY H1 analysis for September 6, 2013 . Thanks for your support on EUR/JPY H1 analysis for September 6, 2013
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