EUR/JPY H1 Analysis for October 3, 2013 Trend News

General overview for 03/10/2013 09:00 CET

Two scenarios that I mentioned in the beginning of the week are still valid and now I am waiting for more wave development.

It looks like the price is moving in a descendig golden channel and only a breakout in either direction might give more clues about further wave development.

Currently, the price has hit intraday resistance level and channel resistance level as well. Because the move up has been done in three waves, it might jump even higher if this resistance levels are broken and next resistance would be the level of 133.48

Nevertheless, if this resistance levels would hold, the price might test Weekly Pivot level again.

Any price below Weekly Pivot level invalidates the bullish count.

Support/Resistance:

131.41 - 131.62 - DEMAND ZONE

132.12 - Intraday Support

132.47 - Weekly Pivot

132.97 - Intraday Resistance

133.17 - WR1

133.48 - Techncial Resistance

133.98 - Demand Breakthrough Zone

134.93 - Swing High

Trading recommendations:

The short side of the market should be in play from current levels with SL above 133.10 and potential TP at 132.76.

The material has been provided by InstaForex Company - www.instaforex.com



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