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Technical Analysis
ForexTechnical Analysis
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[QUOTE="FXGLORY, post: 49957, member: 15342"] [B][COLOR="Blue"]Technical analysis of EUR/JPY dated 12.08.2013[/COLOR][/B] As it was mentioned in the previous technical analysis of this currency pair dated 09.07.2013, according to the formed technical signs, there was the potential for ascending of price which finally happened.Buyers were successful to achieve the highest price level of 132.726. Currently in long term time frames such as monthly, weekly, there is a potential for descending and price reformation also price is under 5-day moving average in weekly and daily time frames. AS it is obvious in the picture below, there is an ideal AB=CD harmonic pattern between the top price of 132.726 and the bottom price of 127.962 with ratios of 78.6 and 127.2 that warns the ascending of price from the D point( the first warning for ascending is breaking of the resistance level of 128.726). Stoch indicator is in saturation sell area that confirms the current harmonic pattern with the next cycle but because of non-compliance and coordination with larger time frames, this signal is not much valid. Generally until the bottom price of 127.962 is preserved, price has the potential to ascend. [CENTER][IMG]http://blog.fxglory.com/wp-content/uploads/2013/08/eurjpyh4.jpg[/IMG][/CENTER] [B][COLOR="Blue"]FxGlory 2013.08.12[/COLOR][/B] [/QUOTE]
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