General overview for 04/07/2014 08:30 CET
The target zone has been hit and price has failed to break above this level so now it is in a retreat mode. This cycle might be the beginning of a much more impulsive downward wave progression and even a start for a wave 3 green to the downside. Nevertheless, traders should notice that the corrective cycle might as well become more complex and time-consuming as long as the level of 137.89 is not broken. Any new high above the level of 139.27 invalidates the count.
Support/Resistance:
139.89 - WR3
139.40 - WR2
139.27 - 139.39 - Old Target Zone #1
138.94 - Intraday Resistance
138.89 - WR1
138.49 - Intraday Support
138.43 - Weekly Pivot
137.89 - WS1
137.69 - Wave b Low
137.40 - WS2
Trading recommendations:
The short orders opened yesterday should be still kept open as the lower prices are anticipated. Stop loss is above the level of 140.10 and take profit level is currently open.
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 July 4, 2014 . Thanks for your support on Technical analysis of EUR/JPY for July 4, 2014
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