General overview for 08/07/2014 09:30 CET
The top for a wave 2 green at the level of 139.27 has been confirmed by the market when it broke the high of the wave 1 purple at the level of 138.48. The red trendline has been tested as well and a failure at the level of 138.70 is helping the bearish case. Currently, the intraday resistance at the level of 138.62 is the key intraday level of bears as the Elliott wave count suggest, that some upward move might happen the in internal corrective cycle. Then the downside wave progression should resume and lower price levels are anticipated.
Support/Resistance:
139.88 - WR2
139.32 - WR1
138.43 - 61%Fibo
138.62 - Intraday Resistance
138.73 - Weekly Pivot
138.14 - WS1
137.69 - Technical Support
137.54 - WS2
Trading recommendations:
The swing traders with active sell orders opened last week should still be kept open due to the lower price levels anticipation.
Daytraders as well should keep the short orders opened yesterday and wait for the TP at the level of 138.14 and possibly 137.69 to be hit.
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 8, 2014 . Thanks for your support on Technical analysis of EUR/JPY for July 8, 2014
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