General overview for 21/20/2013 10:30 CET
Despite the fact that DEMAND BREAKTHROUGH ZONE has been broken, there is not much of impulsive wave progression and an alternate green count can not be ruled out.
The shape of the correction still might be a rather expanded Irregular Flat, but the maximum level for this extension to the upside is the level of 134.51. Any price above this level typically rules out the Irregular Flat wave 2 possibility, and new count is in need to correctly label the present wave progression.
Nevertheless, the golden trendline acts as a dynamic support level very well so far, and only a breakout of the trendline is a clue for more downside wave development.
Support/Resistance:
134.75 - WR1
134.51 - Wave C green max. level
134.31 - Intraday High
133.82 - Golden trendline support
133.68 - Weekly Pivot
133.60 - Intraday Support
133.32 - Intraday Support
133.20 - WS1
Trading recommendations:
Due to lack of impulsive bullish wave progression and unfinished corrective cycle, the bias is top the downside to finish wave Y brown of a corrective cycle wave (ii) green.
Intraday scalp positions should be a short entries with SL above 134.35 and TP1 at 133.82 and TP2 at 133.60.
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 October 21, 2013 . Thanks for your support on EUR/JPY H1 analysis for October 21, 2013
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