General overview for 23/12/2013 10:50 CET
The corrective cycle of wave iv black is still not finished and more downside wave progression is being expected.
A possible shape of the overall wave (c) blue is abc Irregular Flat correction, that should complete into 140.90 level support. In this case wave iv black would be a simple correction but there is a possibility, that wave iv black will become more complex and timie consuming correction is a shape of a triangle formation. In this scenario traders could expect two more additional waves, (d) and (e) blue to complete the overall wave development. Range zone between 140.91 and 142.89 should be maintained as well in case of a triangle formation and any breakout higher is bullish. Nevertheless, at this point of current analysis it is too early to draw this conclusions with 100% accuracy.
Support/Resistance:
143.20 - WR1
142.89 - 4 year's Swing High
142.69 - 142.81 - SUPPLY ZONE
142.49 - Intraday Resistance
142.10 - Weekly Pivot
141.84 - Intraday Support
141.33 - WS1
140.91 - Technical Support
Trading recommendations:
For intraday scalpers: the breakout below Weekly Pivot level at 142.10 is bearish and then 141.84 support level would be in view. If you decide to trade this setup, then SL should be above 142.49 and TP levels would be 141.84 and 1401.33.
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 December 23, 2013 . Thanks for your support on EUR/JPY H1 analysis for December 23, 2013
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