General overview for 02/07/2014 11:55 CET
The target level for the wave v black of the wave 3 purple has been hit and the market failed to go any higher than this level. Currently it is wotth to keep an eye on the intraday support at the level of 138.49 as any breakout lower would invalidate the purple bullish count and make the correction most likely completed. Moreover, this kind of wave progression would indicate more lower levels are in view and the targets would be the weekly pivots. Secondary confirmation comes with the red ascending trending breakout and this event would directly expose the bearish zone to be tested.
Support/Resistance:
139.89 - WR3
139.40 - WR2
139.02 - Wave v black Target
139.89 - WR1
138.88 - Intraday Resistance
138.49 - Intraday Support
138.43 - Weekly Pivot
137.89 - WS1
137.69 - Wave b Low
137.40 - WS2
Trading recommendations:
Price is currently in range zone and it is worth to keep an eye on the key level breakout to the downside, below the red trendline.
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 July 2, 2014 . Thanks for your support on Technical analysis of EUR/JPY for July 2, 2014
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