General overview for 07/05/2014 09:00 CET
There is a slight chance that the alternate count of abc green is the correct one if the price will break out above the golden trendline. Otherwise the main count is in play and it indicates a clear impulsive wave development to the downside. The key level to confirm the bearish bias is the supply breakthrough zone between the levels of 140.97 and 141.06.
Support/Resistance:
140.26 - WS2
141.03 - WS1
140.97 - 141.06 - Supply Breakthrough Zone
141.12 - Intraday Support
141.35 - Intraday Resistance
141.74 - Weekly Pivot
Trading recommendations:
All sell orders that has been advised to open from higher levels should be still kept open as there is more downside to come if the count is correct. Next middle week target is at the level of 140.26.
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 7, 2014 . Thanks for your support on Technical analysis of EUR/JPY for May 7, 2014
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