General overview for 12/02/2014 08:30 CET:
After hitting 78%Fibo at the level of 140.17, the price has declined fast and this leg down might be labeled as wave c of the overall corrective cycle in wave (ii). Currently the most important is the golden trend line breakout as this line has been providing good resistance so far. In this case corrective cycle would be finished and new highs are expected. If the golden trend line holds however then the intraday support at the level of 138.66 will be broken and price will fall out from the channel. Next level of support in this case would be at the level of 139.17. Please notice the bearish divergence has been made as well.
Support/Resistance:
140.29 - Intraday Resistance
139.66 -Intraday Support
139.17 - Technical Support
138.87 - Weekly Pivot
138.14 - Target level for wave (ii)
Trading recommendations:
As long as golden trend line holds short positions should be opened with SL above the level of 140.36 and TP at the level of 139.17.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for Febuary 12, 2014 . Thanks for your support on Technical analysis of EUR/JPY for Febuary 12, 2014
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