EUR/JPY H1 analysis for August 27, 2013
General overview for 27/08/2013 09:45
The pair has developed a downside wave as it was indicated yesteday. Currently, trading is going on in the grey rectangle zone, which is crucial for further wave development.
A break of the lower level of Supply Breakthrough Zone at 130.83 will make a test of the golden channel line possible. The 161%Fibo Extension and WS1 may provide some support for the price but the overall picture will be determined when the price gets there.
A break out of the 130.28 level and closing H1 below it will testify the bearish mood and open the way to the lower demand area at 129.26 – 129.41.
On the other hand, only a break of technical resistance at 131.24 will invalidate the view.
132.41 – Swing High
131.87 – Key level
131.57 – 131.62 – Intraday Supply
131.42 – Weekly Pivot
131.24 – Technical Resistance
130.83 – 131.03 – Supply Breakthrough Zone
130.45 – WS1 | Golden TL Support |
130.28 – Technical Support
For those of you who have short positions opened from the 131.87 level it is worth to notice that the golden trendline support level of 130.45 will be a good place to close the deals.
The material has been provided by InstaForex Company – www.instaforex.com