General overview for 21/03/2014 07:00 CET
As I mentioned yesterday, the possibility of a triangle wave b red was very high and a downside breakout was anticipated. The key level to the upside is the level of 141.27 and any breakout higher above this level means that weekly pivot and even the intraday resistance level might be tested. On the other hand, if intraday support at the level of 140.81 is broken, then the next support comes at the level of 140.50. Please keep an eye on this level because it is very close to the invalidation line at the level of 140.33. In case invalidation line is violated, more of a downside wave progression is expected.
Support/Resistance:
141.96 - Intraday Resistance
141.48 - Weekly Pivot
141.27 - Key Level
140.81 - Intraday Support
140.33 - Invalidation Line
Trading recommendations:
Sell stop orders should be opened from the level of 140.79 with SL above the level of 141.27 and TP at the level of 140.33 with a possible downside 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 March 21, 2014 . Thanks for your support on Technical analysis of EUR/JPY for March 21, 2014
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