102,05 level is minimum target of completed pattern, so technically it could resume bull trend from here, which is also the 5/8 extension of larger first impulse. Completion of first minor impulse wave from the top is at 101,45- Thus it is in the red support zone made up of Weekly S1, previous major top, and 38,2 fib. extension of first larger impulse wave.
A continued move down may target the larger AB=CD target at 1,3345. A break of previous bottom at 1,33 will likely accelerate downside movement. Fib extension of first impulse move suggest target of the first downwave at 1,3045 which coincide with the Yearly S1
Last weeks miss to trade Yearly PP (blue) 1, and bounce off the perfect Megaphone (Expanding triangle) creating a HH on Daily tf. Monthly PP hadn't been traded so it did this week with another perfect touch of the Megaphone pattern, and then returning right back to deal with the Yearly PP. Support could include Yearly PP , 1,3470 and below the lower line of the...
Setups for fri jan 31. Watch out for a close above 3x3 MA and a close below and then a close above again, for a long entry. Or if a strong move up, shorting can be done from red zone on chart. Depending on bias. Myself I prefer long entry since last week price did reverse. A deep correction is natural even though price has moved sharply .
Price stands at 1,07 and is trying to breakout above the TL going back to end of Oct-13. A close above 1,0740 may expose 1,08 (Weekly R2). A failed breakout and close below 1,0650 may spur further downside and 1,05/1,04.
Price has moved down in accordance with the first impulse. First wave completed at 1,1214. Price then first corrected to 23,6 extension of first wave, then to the 50% fib extension of second wave. Then a breach lower. Possible resistance around 1,04 but target at 1,0062 or approx. 1,00.
If index breaks below the TL around 1780 it will expose the max. target of the completed Butterfly around previous top and long term TL. Major resistance is at 1815-19 (horizontal res. and Weekly PP. Note that if price pierce through the 1735 area next confluence zone is just shy of 1700.
Price looking for support at previous top. Next resistance, prev. support at 1,56. A break eyes towards 1,58. A break below 1,55 could expose support at 1,5375. At this lower level buyers should step in if trend is to continue.
IF price finds support around horizontal blue line (previous tops) and Pivot confluence as well as bottom of a flag, the target is the length of the pole from the breakout level, approx. around 1,62.
Interesting support levels for longs is the confluence area around 1,3640, Daily S1, Weekly PP, Previous tops and 50% fib of impulse wave up and AB=CD point. Next is the 1,3615 area but with less confluence.
Current longer term support comes in at 1,6450 and target of AB=CD comes in at Monthly R1 1,67 Idea to long if price comes back and test weekly PP at 1,6513 OR if prices falls all the way to the TL and and Monthly PP.
Major support (also the point to look for longing Jpy if breaks) is 1819. However price is now at weekly PP support. This wedge will break down at some point soon whic will guide FX traders in choosing risk on or risk off trades.
Price has reached support levels at bottom of the rising channel and weekly S1. Price has bounced off of the support line but still looks heavy. Price has broken the Yearly Pivot Point and retested it from below as resistance. Further weakness might be on the horizon.
Entry Idea for Short at D point of pattern completion. Target 1,3450-75 area
FIB Impulse Study (which projects a move and levels from the first impulse) points to a completed leg at 1,3200. Next target level is 1,3464 which coincides approx. with the Yearly PP (1,3475) The projections build upon harmonious Fib movements. It is thus more of a road map for bearish development than a prediction of were price will go from this point.
Daily Triangle pattern congestion still holds. Range trading prefered until Triangle Breakout.
Using fib extensions from first impulse (76,4 fib) gives an idea of levels to watch.
Short Trading Idea. Sell a bounce towards broken horizontal support. Minimum target at 161 extension of upswing which also is the completion of AB=CD at 8730- Nearest support at channel top and Monthly S1 at 8775