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11.11.2013 05:49 PM
EUR/JPY H1 analysys for November 11, 2013

General overview for 11/11/2013 14:00 CET

The ZigZag wave WXY brown has been done now and corrective wave up is in progress.

The anticipated level for corretion to complete is 50%Fibo area at 133.32.

If SUPPLY ZONE is violated then alternate green count is invalidated as well as immediate impulsive wave progression is canceled.

Bias is still to the downside as long as SUPPLY ZONE holds.

Support/Resistance:

131.21 - Swing Low | WS1 |

132.19 - Intraday Support

132.45 - Weekly Pivot

132.70 - Intraday Support

133.32 - 50%Fibo Target

133.60 - 133.70 SUPPLY ZONE | WR1

Trading recommendations:

Short positions have two possible enties:

- 133.32 with SL above 133.83 and TP below 131.21.

- 133.60 with SL above 133.83 and TP below 131.21

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