EUR/JPY:
Date: 8 September, 2016
H4 Graph: Long Term short, Short term long
The price formed serious bottom around 112,300, after which started going up and reached horizontal resistance at 116.300/500. Correction down to Fib 61,8% of the previous leg up and holds above the horizontal and diagonal support
Price Action: Pin bar at levels of strong horizontal and diagonal support - Signal for possible up move and End of the correction.
Alternative scenario: If the price moves lower again below Fib Фибо 61,8% and below the horizontal and diagonal support, this will cancel the bullish view.
Technical Indicator:
DEM (14): In oversold zone.
Price for Entry long around: 114.200
SL 113.600
Jr. Trader - S. Fuchedzhiev
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