General overview for 26/03/2014 08:00 CET
Yesterday's intraday analysis worked very well and the pair declined to the anticipated target levels, but there is still no decision here and the market continues to trade in a range. Due to the correction getting more complex, I have labeled one more alternate count in shape of a possible double three correction instead of a triangle correction. From the upside the resistance is at the level of 141.97 and from the downside the support is at the level of 140.40. The market must break out above or below either direction to confirm the Elliott wave labeling. Bias is to the downside due to larger time frame cycles.
Support/Resistance:
141.97- Intraday Resistance
141.85 - WR1
141.50 - Red Trendline Resistance
141.13 - Weekly Pivot
140.72 - Intraday Support
140.40 - Technical Support
140.30 - WS1
Trading recommendations:
Sell stop orders should be opened from the level of 141.97 with SL above the level of 142.41 and TP at the level of 140.72 and 140.34.
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 March 26, 2014 . Thanks for your support on Technical analysis of EUR/JPY for March 26, 2014
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