UltimaForex.com

Market Overview
The EUR/JPY pair started this week the motion within the big bull movement. Yesterday the price reached the resistance level 102.20 and started pushing the price back to level 101.50. Today we observed the price passing through the 50EMA at the 101.40 level and its further decline.

At the moment the price is expected to break 100EMA support level. We suppose that the price will drop lower than the 100.00 level in next few days. The news concerning the negative financial situation in the Europe influenced the exchange rate of the pair.

Support and Resistance
(S3)100.92 (S2)101.22 (S1)101.41 (PP)101.71 (R1)102.01 (R2)102.20 (R3)102.50

Important News
(EUR) German Import Prices m/m
(EUR) M3 Money Supply y/y
(EUR) Private Loans y/y
(EUR) ECB President Draghi Speaks

Elliott Wave Analysis for EUR/JPY
The EUR/JPY pair completed the wave 5 in corrective A wave at level 102.19 and started next 3-wave correction within the wave B. According to our wave rules and concerning that the wave B will be completed around 50% retrace of the wave A we can define the prospective targets with Fibonacci Retracement (97.03-102.19): 50% retrace at 99.60.

Trading Forecast

Taking into account Elliott Wave Rules we can expect that today the trend will go downwards. Thus, it is recommended to open Short positions at level 100.70 with Stop Loss at level 101.20 and Take Profit at level 99.60.

The material has been provided by Instaforex Company – instaforex.com

Market Overview
Yesterday the EUR/USD pair reached the level 1.3180 starting the descending movement from this resistance level. The news concerning the positive financial situation in the USA influenced the exchange rate of the pair. As a result the dollar has strengthened against euro and pushed the price to the level 1.3109. At the moment the price is testing the 50EMA support level. In case the level 1.3085 is passed through it will be possible to consider the 100EMA the next support level located near the point 1.3045.

Support and Resistance
(S3)1.3034 (S2)1.3070 (S1)1.3091 (PP)1.3127 (R1)1.3163 (R2)1.3184 (R3)1.3220

Important News
(EUR) German Import Prices m/m
(EUR) M3 Money Supply y/y
(EUR) Private Loans y/y
(EUR) ECB President Draghi Speaks
(USD) Advance GDP q/q
(USD) Advance GDP Price Index q/q
(USD) Revised UoM Consumer Sentiment
(USD) Revised UoM Inflation Expectations
(USD) FOMC Member Dudley Speaks

Elliott Wave Analysis for EUR/USD
For 10 days the EUR/USD pair remained within the bullish tendency. This week the new (1) wave was formed. At level 1.3062 the euro indicated the possibilities of a bullish motion in the first quarter of 2012. Presently we can observe the 2nd sub-wave within the wave 3.According to our wave rules and concerning that the wave 2 will be completed at 50% retrace of the wave 1 we can define our potential targets for entering the wave 3 according to Fibonacci Retracement (1.2928-1.3184) – 50% retrace at level 1.3056. For Stop Loss level we can use the end of the wave 2 at level 1.2928

Trading Forecast

Taking into account Elliott Wave Rules we can expect that today the trend will go upwards. Thus, it is recommended to open long positions at level 1.3056 with Stop Loss at level 1.2928 and Take Profit at level 1.3475.

The material has been provided by Instaforex Company – instaforex.com

Pivot Point: 1.0016.

Overview:

The market remains strong and achieved the level 0.9960 (11% of Fibonacci retracement levels). Thus, a month ago (on October 30, 2011) the USD/CAD resistance level was broken and turned into support level. The pair has already formed the strong support at the level 0.9960. So the market indicates a bullish opportunity at the level 0.9960 with the level 1.0130 as the first objective and continues the movement to the level 1.02. The downside momentum is expected later.

However, if the trend is not able to break through and close above the level 1.02, then the downward momentum is to take place. This fact is quite convincing as the structure of the downward movement appears to be non-corrective. Therefore the market will indicate a bearish opportunity at level 1.0200, from which the SELL-deals are recommended. On H4 the descending movement to the level 1.0010 will resume.

Trading Recommendations:

Considering the previous events, the price is still between the levels 1.0020 and 1.0270.
BUY-deals are recommended higher than the 0.9960 level with targets 1.313 and 1.32.

The pair is likely to turn downwards from the pint lower than 1.0200 and with the level 1.0010 as a target.

Technical Levels:

R3: 1.0118
R2: 1.0083
R1: 1.0051
PP: 1.0016
S1: 0.9984
S2: 0.9949
S3: 0.9917

Observation (s):

Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.

Key level at 0.9960.

History will probably repeat itself at this level again.

The material has been provided by Instaforex Company – instaforex.com