EUR/JPY - Price on horizontal support. Second Retest on support and possible new long

13.09.2016 / 13:55

Rating:

EUR/JPY

Date: 13 September, 2016

H4 Graph: Long Term short, Medium Term long.

The price fell and made a solid bottom at 112,500. After that it started going up and after meeting a resistance at 116,500, the price made a correction down to 114,000. After the impulse to the upside, now the price fell again to the horizontal support testing it for the second time at 114.Fib level 61,8% also coincides here with diagonal support.

Price Action - Engulfing bar at a strong level of support - Signal for long.

Alternative scenario: If the price moves lower again below the Fib 61,8%, below diagonal support and horizontal support, this could cancel the bullish view.

DEM (14) - Just above the oversold zone for long

CCI (50) - below -100. We may want to wait for the indicator to cross over -100 for a signal for long

Price for Entry long around: 114,200

SL: 113.600

Jr. Trader - S. Fuchedzhiev

Varchev Traders

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EUR/JPY - Price on horizontal support. Second Retest on support and possible new long

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