General overview for 07/04/2014 10:00 CET
The downside wave progression has not been finished yet and the price is below the key technical level now. Only a breakout higher above this level would indicate a more deeper retrace in this pair. The 61%Fibo level has been violated and next level is being expected to be tested.
Support/Resistance:
144.10 - WR2
143.47 - Swing High
142.56 - WR2
141.90 - Weekly Pivot
141.78 - 141.96 - Key Level
141.65 - Intraday Resistance
141.11 - Intraday Support
140.70 - 78%Fibo
Trading recommendations:
The swing traders should keep the short positions open and wait if the level of 141.96 will be tested.
The daytraders should watch the key level here for a possible short opportunity and open sell orders at the level of 141.65 with SL above the level of 141.97 and TP at the level of 140.70.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for April 7, 2014 . Thanks for your support on Technical analysis of EUR/JPY for April 7, 2014
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