General overview for 09/10/2013 06:30 CET
The first wave upwards has been done and corrective wave (ii) looks to be done as well, however it might be just the first leg of correction.
Currently, the most important level to overcome for bulls to confirm the intraday bullish bias is Weekly Pivot area of orange rectangle at the 132.20 level.
Only when the level is broken, the test of another level is possible at 132.67.
On the other hand, the Key Level for bulls to keep the bullish momentum going is at 131.41 as the former low of the wave (ii). If this level is broken, then test of 131.13 is in view.
Support/Resistance:
130.85 - 130.96 - GAP ZONE
131.13 - Swing Low
131.41 - Key Level for Bulls
132.14 - Weekly Pivot | Intraday Resistance | 50%Fibo | Golden Trend Line Resistance
132.67 - Techncial Resistance
132.98 - WS1
Trading recommendations:
As long as the Key Level holds, bias is to the upside. Long positions from 131.60 area, as per Monday recommendation, should be still in play.
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 9, 2013 . Thanks for your support on EUR/JPY H1 Analysis for October 9, 2013
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