General overview for 28/08/2014 13:00 CET
The impulsive wave progression to the downside has been developing properly during the last four days. Now, the outlook remains the same: more downside is being expected as the impulsive structure has not been completed yet. There is a possible test of the level of 136.76 but the the failure is expected and downtrend should resume. The first projected target is at the level of 135.67.
Support/Resistance:
138.05 - WR1
138.02 - Swing High |Invalidation Level|
137.98 - Wave 2 of 3 High
137.42 - Weekly Pivot
136.85 - WS1
136.75 - Intraday Resistance
136.24 - WS2
135.67 - WS3
Trading recommendations:
The short orders from the last week are still opened and the TP is at the level of 136.70 with a quite possible downside extension to the level of 135.70.
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 28, 2014 . Thanks for your support on Technical analysis of EUR/JPY for August 28, 2014
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