General overview for 28.07/2014 08:30 CET
The market is still trading in the bearish zone between the levels of 137.50 and 136.23. Both main and alternate count has been labeled on the chart. Currently, traders should wait for one of the count to get invalidated. Breakout above the level of 137.33 invalidates the main count whereas breakout below the level of 136.36 invalidated the alternate one. Please notice, that the longer-term outlook is still bearish for this pair.
Support/Resistance:
136.23 - WS1
136.36 - Wave 1 Low
136.62 - Intraday Support
136.78 - Weekly Pivot
136.92 - Intraday Resistance
137.21 - WR1
137.32 - Intraday Resistance
137.50 - 137.63 - Key Level for Bears
Trading recommendations:
Day traders should consider to open short orders from the level of 136.95, with SL above the level of 137.25 and TP at the level of 136.23 with a possible downside extension.
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 28, 2014 . Thanks for your support on Technical analysis of EUR/JPY for July 28, 2014
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