FX.co ★ EUR/JPY H1 analysis for November 1, 2013

General overview for 01/11/2013 08:00 CET

All yesteday's target levels was hit and even more downside occured as the price slipped finally to stop into DEMAND zone.

The ZigZag ratio of 161% at 132.40 has been almost hit and the alternate labeling is the count that indicates a possible test of this level (orange rectangle).

Otherwise, the main count is showing fully mature ZigZag leg that looks finished, so now the wave (ii) green might be finished OR this ZIgZag is a part of a larger corrective cycle.

Break od a big DEMAND zone at 132.45 - 132.65 might end with a Pin Bar setup so be careful selling from this levels.

Support/Resistance:

132.41 - 132.45 - Alternate ZigZag Target Zone

132.45 - 132.65 - DEMAND ZONE

132.70 - WS2

133.33 - Intraday Resistance

133.59 - Techncial Resistance

133.68 - WS1

Trading recommendations:

Some kind or corrective cycle is needed now as the ZigZag is mature, so long side of the market should be in play from currecnt levels. SL below 132.40 and potential TP is 133.33 and 133.60