General overview for 08/05/2014 09:40 CET
The supply breakthrough zone has not been violated and this pair is still in corrective cycle. All three waves developing so far indicate one more wave to the downside before a downward sell-off should happen. Any breakdown above the invalidation line is bullish and higher levels are expected.
Support/Resistance:
140.26 - WS2
141.03 - WS1
140.97 - 141.06 - Supply Breakthrough Zone
141.12 - Intraday Support
141.74 - Weekly Pivot
142.13 - Intraday Resistance
142.39 - Invalidation Line
142.46 - Swing High
142.50 - WR1
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. SL should be placed above the level of 142.41.
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 8, 2014 . Thanks for your support on Technical analysis of EUR/JPY for May 8, 2014
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