General overview for 07/07/2014 10:20 CET As anticipated last week, the impulsive wave progression in last wave (c) on the whole corrective cycle is now completed. The price is currently in first stages of a possible downward continuation. The red trendline has been broken but the market is still trading within the yellow range zone and only a breakout below the level of 138.48 would open the road to lower support levels. Please, notice that even if the market will breakout above the intraday resistance at the level of 138.82, it can still be a corrective move, as long as the level of 139.is is broken.
Support/Resistance:
139.88 - WR2
139.32 - WR1
138.20 - Intraday Resistance
138.73 - Weekly Pivot
138.48 - Intraday Support
138.14 - WS1
137.69 - Technical Support
137.54 - WS2
Trading recommendations:
The swing sell orders opened last week should still be kept open due to the lower price levels anticipation. Day traders might enter the short side of the market if the level of 138.48 is clearly broken (H1 candle close below this level), with SL above the level of 138.82 and TP at the level of 138.14 with a very possible downside extension to the level of 137.69.
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 7,2014 . Thanks for your support on Technical analysis of EUR/JPY for July 7,2014
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