23.10.201310:53 Forex Analysis & Reviews: EUR/JPY H1 analysis for October 23, 2013

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

General overview for 23/10/2013 09:00 CET

Yesterday's level of 134.56 did not hold as a top for wave X brown and after NFP extension went up just to go lower in the overnight trade.

This count still indicates a very large WXY brown corrective wave (ii) green possibility and a shape of this correction is a Running Flat.

Currently, there are two count available here and the alternate one is more likley to be invalidated if 133.72 is taken out. The main count is in last stage of wave Y brown, which suppoed to be developed in five waves to the downside.

Target levels for wave Y are in the chart, but genneraly I expect a move below 133.72 to 133.33 to finish the Running Flat possibility and then more upside wave progression.

Support/Resistance:

135.48 - Intraday High

135.25 - WR2

134.75 - WR1

134.05 - 50%Fibo

133.72 - 61%Fibo

133.68 - Weekly Pivot

133.60 - Intraday Support

133.33 - Intraday Support | Wave Y brown Target|

133.24 - WS1

Trading recommendations:

The golden trendline downside test should be in play with entry at the 134.40 area with TIGHT SL and potential TP1 at 133.72 and TP2 at 133.33.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.