EUR/JPY H1 and H4 analysis for November 19, 2013 Trend News

General overview for 19/11/2013 07:25 CET

A labeling has been a little bit changed just to indicated a possible longer wave W brown, so this upward wave development has been relabeled to (a)(b)(c) navy cycle. Nevertheless the oveall overview remains the same: more higher prices in view.

Currently, the price is in corrective cycle wave X brown. The first leg of correction has been done (green), and now some reaction to the upside should be seen in wave b green. When it is done, last wave down, c green, will be anticipated and new highs are on the wave.

134.00 is the Key Level here for intraday traders. Breakout to the downside exposes 132.21 Intraday Support level.

Support/Resistance:

135.33 - Intraday High

134.47 - Intraday Support

134.39 - Weekly Pivot

134.00 - Technical Support

133.70 - WS1

133.21 - Intraday Support

Trading recommendations:

In anticipation of wave c green to the downside, the short side of the market should be in play from 135.33 level with a TIGHT SL and potential TP at 134.47 and 134.00.

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EUR/USD intraday technical levels and trading recommendations for November 18, 2013 Trend News

The price zone of 1.3560-1.3600 represented a valuable supply zone that kept the price below for almost two months. However, lack of bearish follow-up was witnessed around 1.3480. Instead, a significant bullish rejection was expressed leading to a Flag continuation pattern.

According to the final readings of the European Statistical Office one week ago, the European inflation was 1.1% in September, in line with preliminary projections, it settled at 1.3% in August. This constituted to the recent bullish jump that took place on October 22.

Previous daily candlesticks represented indecision around 1.3800 strongly suggesting bearish retracement towards 1.3700 the 1.3650 which took place shortly after.

The price zone extending between 1.3550-1.3460 was considered a valuable supply zone. This zone failed to provide a strong support. Instead, bearish breakdown took place with a quite strong momentum leading to breakdown of 1.3400 as well.

Price Zone 1.3300-1.3330 provided strong DEMAND for the pair pushing towards higher above 1.3400 - 1.450 (prominent technical levels)

Persistence of the current through above 1.3450 will lead to the next supply level around 1.3560-1.3600 where price action should be watched.

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#USDX analysis for November 18, 2013 Trend News

The Dollar index did not manage to break above 81.30 and 81.50 and continued its negative slope corrective pattern making lower lows and lower highs in the short term. Prices remain inside a short-term downward sloping trend channel, and unless prices break above it, the downward correction could continue towards 80.50.

Prices are being supported as long as they trade inside the green area shown in the chart above. The downward move from the highs is definately not impulsive as the overlapping structure of the decline implies correction. The end of the downward correction will be confirmed once prices break above 81.25. When that happens, we should expect the highs at 81.50 to be challenged.

Prices are taking a downward slope in the daily chart and that puts pressures on the short-term trend. Daily support is found at 80.50 and at 80.15. Resistance is found at 81.40-50. Breaking above that level will confirm the end of the correction and start of a new upward move towards 82.50. We remain neutral in the short term. We will change to long if prices break above 81.30. The longer-term view remains bullish, as long as prices trade above 79 with 84-86 target.

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