General overview for 27/02/2014 09:45 CET
The corrective wave development to the downside looks finished and now more upside is being anticipated as the price is bouncing from the Key Level at the level of 139.63. Currently, if the count is correct, the market should start developing impulsive wave to the upside, wave 3, and to break the golden trend line dynamic resistance, and the level of 140.30 should be broken in impulsive fashion as well. Please notice, that any violation of the level of 139.18 invalidates the impulsive bullish count and more downside should be expected.
Support/Resistance:
139.18 - Intraday support | Invalidation level |
139.64 - Key level
139.83 - WS1
140.30 - Technical resistance
140.53 - Weekly pivot
141.10 - 141.25 - Supply
Trading recommendations:
Buy orders should be opened from the level of 139.63 with SL below the level of 139.18 and TP at the level of 140.30 with a possible upside extension.
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 27, 2014 . Thanks for your support on Technical analysis of EUR/JPY for Febuary 27, 2014
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