General overview for 22/05/2014 07:35 CET
The anticipated corrective cycle has started finally in the form of irregular abc purple corrective wave progression to the upside. Currently, the price is under the golden trendline resistance and a breakout higher is expected. The first target is at the level of weekly pivot at 139.44 and if this resistance is broken, then the next resistance is at the level of 139.87. Please notice that this corrective cycle might get more complex and time-consuming.
Support/Resistance:
138.14 - Swing Low
138.82 - Intraday Support
139.29 - Intraday Resistance
139.44 - Weekly Pivot
139.87 - Technical Resistance
140.09 - WR1
Trading recommendations:
Daytraders should consider opening buy positions from current price levels with SL below the level of 138.25 and TP at the level of 139.44 and 139.87.
Swing traders should consider closing remaining short positions and wait for corrective cycle to finish and then enter the market again.
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 May 22, 2014 . Thanks for your support on Technical analysis of EUR/JPY for May 22, 2014
No comments:
Post a Comment