General overview for 03/04/2014 11:15 CET
The range bound market is still present is this pair as the market participant are waiting for ECB news release later tothe day. Please notice that price is below the golden trendline and candlestick wick from the upside are growing longer, indicating a building supply in the upper side of the range area at the level of 143.20. Only a clear and sustained breakout above this level would confirm more upside wave progression into a fully blown impulsive structure. On the other hand, the first top confirmation comes with the level of 142.60 breakout to the downside and in that case more weakness would be expected.
Support/Resistance:
143.79 - Technical Resistance
143.20 - Intraday Resistance
143.12 - WR2
142.71 - Intraday Support
142.47 - WR1
Trading recommendations:
-for a downside breakout - Sell stop orders should be opened from the level of 142.71 with SL above the level of 143.20 and TP at the level of 142.59 and 142.47.
-for an upside breakout - Buy stop orders should be opened from the level of 143.21 with SL below the level of 142.71 and TP at the level of 143.78
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 3, 2014 . Thanks for your support on Technical analysis of EUR/JPY for April 3, 2014
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