15.11.201313:10 Forex Analysis & Reviews: EUR/JPY H1 and H4 analysis for November 15, 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 15/11/2013 09:30 CET

Wave progression to the upside has hit 61%Fibo Expansion of a possible impulsive OR very extended and complex ZigZag structure. This level is not enough to allow for upside wave progression to terminate from larger time frame point of view HOWEVER traders must take into account one more possibility of a TRUNCATION of wave 5 on currnet market price. This scenario is possible because wave 5 blue is fully developed now in five waves. Nevertheless, if there is a strong upside break higher from the current level (134.94), then first target above the last swing high is One-to-one equal legs level at 136.01. This level would be a target for Ending Diagonal scenario that requires all waves to be in three sub-waves. In our case that would be some kind of complex ZigZag progression. And the alternate count semms to fit the impulsive wave progression so for this scenario the possible target level after last swing high is broken is much higher.

Support/Resistance:

136.01 - One to One target level

135.48 - Swing High

135.30 - 135.48 - SUPPLY ZONE

134.97 - WR2 | 88%Fibo |

134.46 - Intraday Support

133.93 - Intraday Support

133.70 - WR1

Tradiang recommendations:

As long as price stays in blue upward channel, only long side of the market should be in play.

Buy the dips/ breakouts.

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.