FX.co ★ EUR/JPY H1 analysis for November 21, 2013

General overview for 21/11/2013 07:50 CET

The alternate count has been invalidated after 135.15 has been broken and the price has slipped a bit below Weekly Pivot level down to 134.10 and reversed.

This price progression makes wave X brown is completed as Irregular Flat correction. Moreover, the whole corrective development in wave X is the biggest correction in the upward move from 131.21 and this makes the price and time overbalance here.

The red overbalance line has been broken and now the price is close to the breakout above 135.33 zone.

If this level is broken , new highs are in view. If this level in not broken, correction might get little more complex in price and time.

Support/Resistance:

13593 - Swing High

135.33 - 135.50 - DEMAND BREAKTHROUGH ZONE

134.94 - Intraday Support

134.46 - 134.58 - OLD DEMAND ZONE

134.26 - Weekly Pivot

134.09 - Intraday Low

133.70 - WS1

Trading recommendations:

In aticipation of last impulsive wave to the upside, the long side of the market should be in play from levels as close to the 134.94 as possible, with SL below 134.50 and potential TP1 at 136 and TP2 at 136.30.