General overview for 21/07/2014 14:25 CET
The market is still in a consolidation cycle that can be either green wave b of bigger cycle purple wave 2, or wave alt.(iv) green that is a part of an unfinished wave 1 purple. The key level main count is currently at the level of 137.28. Any breakout higher means the main count is valid and the market is going to complete green wave c of purple correction 2. On the other hand, the target for green wave alt.(v) is at the level of 136.07, where several technical supports and projection levels confluence.
Support/Resistance:
139.05 - WR2
138.43 - Wave 4 Top
137.91 - WR1
137.48 - 137.63 - Techncial Resistance
137.32 - Weekly Pivot
137.28 - Intraday Resistance
136.76 - Intraday Support
136.17 - WS1
136.07 - Wave alt.(v) Target Level
Trading recommendations:
Day traders should keep an eye on the key level zone, because any breakout higher invalidates the alternate count. This means long positions are advised only if the weekly pivot level is broken. Nevertheless, the medium term outlook remains bearish.
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 21, 2014 . Thanks for your support on Technical analysis of EUR/JPY for July 21, 2014
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