General overview for 14/05/2014 08:20 CET
The market has reversed in an impulsive manner from the level I indicated yesterday. Currently, it is consolidating in a small range area between the intraday resistance at the level of 140.32 and intraday support at the level of 139.96. The downside breakout is expected below the low of 139.90, but some minor intraday upside rally can happen up to the level of the intraday resistance. Please notice that if the level of 139.90 is broken, then there is no support until the level of 139.25 is hit. This would be a good 65-pip sell opportunity.
Support/Resistance:
142.27 - Wave 2 red high
141.35 - WR1
140.96 - 141.06 - Supply Zone
140.02 - Key Level
140.61 - Weekly Pivot
140.32 - Intraday Resistance
139.92 - Intraday Support
139.90 - Wave (iii) green low
139.25 - Wave 5 red target
Trading recommendations:
Swing traders should still keep short positions open as the current impulsive wave progression to the downside has not been finished yet. Daytraders should open sell stop orders from the level of 139.88 with SL above the level of 140.51 and TP at the level of 139.25 with a possible downside extension.
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 May 14, 2014 . Thanks for your support on Technical analysis of EUR/JPY for May 14, 2014
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