General overview for 18/06/2014 07:45 CET
The market is climbing up to the level of weekly pivot and supply zone and this makes this level very important resistance. The bias is bullish and a breakout higher is being expected, even out of the red upswing channel. A possible trigger for such a move could be the important news event later today. Please notice that this red impulsive count is valid as long as there is no new low made below the level of 137.70.
Support/Resistance:
137.70 - Wave 2 low
138.27 - Intraday Support
138.44 - Intraday Resistance
138.54 - Weekly Pivot
138.49 - 138.59 - Supply Zone (old)
139.36 - WR1
Trading recommendations:
Still the buy positions from yesterday should be kept open with the same valid SL and TP. More buy orders can be added to the existing ones if the level of 138.60 is broken and a minimum hourly candle has closed above this level. The first target is WR1 at the level of 139.36 with a possible upward 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 June 18, 2014 . Thanks for your support on Technical analysis of EUR/JPY for June 18, 2014
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