General overview for 13/08/2014 16:30 CET
The yestrady's green wave b target has been hit to the pip. The anticipated upside rebound might actually have been completed as the whole corrective structure looks finished. The market is still trading in the bearish zone and further down slide in this pair is expected. The first confirmation of this view comes with the weekly pivot breakout and then failure on the intraday support at the level of 136.35.
Support/Resistance:
135.71 - Swing Low
135.80 - WS1
136.21 - Target Level #2
136.55 - Target Level #2 |Intraday Support|
136.58 - Intraday Support
136.85 - Weekly Pivot
137.10 - Intraday Resistance
137.55 - Technical Resistance
Trading recommendations:
Day traders should consider closing or using trail stops on the long positions opened yesterday at the level of 136.21. The target of 137.33 is still possible but breakout below 136.85 should be the trigger to close this long orders.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for August 13, 2014 . Thanks for your support on Technical analysis of EUR/JPY for August 13, 2014
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