General overview for 06/11/2013 09:00 CET
There are now TWO possible scenarios that depend on whether wave 5 of Y brown is finished or not:
SCENARIO #1 - Main Count - It indicates that the price is still in a Triangle formation of wave 4 navy, and there are some waves missing to finish this pattern. A breakout above Weekly Pivot invalidates this scenario.
SCENARIO #2 - Alternate Count - It indicates that wave 5 navy and wave (ii) green are done now and the low is at the 132.33 level. The currecnt price action is the attempt in developing wave 1 to the upside. Breakout above Weekly Pivot confirms this scenario.
Support/Resistance:
133.56 - Weekly Pivot | Invalidation Level |
133.41 - Intraday Resistance
132.93 - Intraay Support
132.60 - Intraay Support
132.33 - Wave 5 First Target Zone
131.75 - WS1
131.68 - Wave 5 Second Target Zone
Trading recommendations:
As mentioned yesterday, short positions are still in favour here with entry close to 133.41 as much as possible and with SL above 133.57 with the potential targets TP1 at 132.33 and TP2 at 131.68.
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 November 6, 2013 . Thanks for your support on EUR/JPY H1 analysis for November 6, 2013
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