General overview for 24/04/2014 12:15 CET
The corrective cycle is getting more complex and time consuming on lower time frames. Currently traders can keep an eye on two very important level for this market, both for bulls and bears. However, the current wave development suggests an unfinished small upward cycle to complete the wave c green of wave (c) blue before the downside trend will resume. Nevertheless, any breakout below the weekly pivot level will immediately put the grey rectangle zone to the test. This zone is , labeled as a key level for bulls. Breakout lower is bearish and lower prices should be expected sooner than later.
Support/Resistance:
142.21 - WR1
142.16 - 61%Fibo
141.97 - Technical Resistance
141.78 - Intraday Resistance
141.32 - Intraday Support
141.23 - Weekly Pivot
140.97 - 141.06 - Supply Breakthrough Zone
Trading recommendations:
As long as weekly pivot at the level of 141.23 provides the support, the buy orders should be opened from the price levels close to the level of 141.32 with SL below the level of 141.25 and TP at the level of 141.96 and 142.16.
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 April 24, 2014 . Thanks for your support on Technical analysis of EUR/JPY for April 24, 2014
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