General overview for 22/07/2014 08:30 CET
As anticipated yesterday, the market is in a corrective upward cycle of green wave c or wave alt:(iv). Currently, this pair is trading just below the weekly pivot at the level of 137.32, and it will act as resistance here. Moreover, the next hurdle for the market is the intraday resistance at the level of 137.41. Golden trendline dynamic resistance is just above that as well. The upside then seems to be pretty limited. Lower prices are still expected in the near term. Please notice, that any breakout above the level of 137.50 invalidates the green alternate count.
Support/Resistance:
139.05 - WR2
138.43 - Wave 4 Top
137.91 - WR1
137.48 - 137.63 - Techncial Resistance
137.32 - Weekly Pivot
137.41 - Intraday Resistance
136.76 - Intraday Support
136.17 - WS1
136.07 - Wave alt.(v) Target Level
Trading recommendations:
The current price action looks clearly corrective and lower prices are expected in the near term anyway. So, day traders should consider opening short orders from the current price levels, with SL above the level of 137.64 and TP below the level of 136.90.
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 22, 2014 . Thanks for your support on Technical analysis of EUR/JPY for July 22, 2014
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