EUR/JPY H1 analysis for October 25, 2013 Trend News

General overview for 25/10/2013 11:15 CET

The impulsive wave progression has been paused, and the current price action does not indicate any further impulsive development.

It looks more like some of the corrective wave is in progress now, but it is hard to say what cycle it EXACTLY is.

Anyway, the breakout above the dashed blue line (intrenal descending trend line) is rather bullish and the grey rectangle area at 134.66 might be tested again to complete wave c purple of wave (ii) black and then if SUPPLY zone holds - more downside is expected.

If SUPPLY zone will not hold, then alternate green count is in play and this one indicates more complex wave (b) navy, both in price and time.

Support/Resistance:

135.48 - Swing High

135.25 - WR2

134.75 - WR1

134.66 - SUPPLY ZONE

133.88 - Intraday Support

133.81 - Weekly Pivot

133.60 - Intraday Support

133.31 - Intraday Support

132.90 - 132.96 - TARGET AREA FOR WAVE (c)

Trading recommendations:

As long as dashed navy trend line holds, intraday short positions should be in play. If it gets broken out to the upside - SUPPLY zone might be tested.

Please notice that currently the price is in the middle of a daily zone, so no good R/R is currently present.

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Gold Elliott wave analysis for October 25, 2013 Trend News

Gold reached our first short-term target at 1,350 yesterday, and the price did not get rejected at that resistance. Now trading near 1,343 which is our pivot point for today, we favor neutral positions as long as prices trade below that level. If prices trade above the pivot point, then there will be increased chances of making a new high above 1,350. The short-term support is found at 1,336, and if broken, it could lead the precious metal to a bigger decline towards 1,322 and then 1,310.

The supportive upward sloping trend line is being tested now. Prices are slightly below it, and we have to wait in order to reach any solid conclusions. This is the first weakness sign, but we want to wait for more evidence of weakness in order to open short positions.

The trend remains upwards in the short term. If prices remain supported, we could see the continuation of the move towards 1,375. Currently, the trend is upward and a short-term trend change to downward could come if prices break below 1,330. If this support fails, then we could see prices reach 1,310-1,300 or even 1,280. So bulls need to be extra careful around these levels and keep a tight stop loss.

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