General overview for 06/08/2014 08:00 CET
The yesterday's target level for short orders has been hit and the market is behaving as anticipated with lower lows being made on hourly time frame. There is still some more room for another leg to the downside as long as the key level is not broken. The next target in that case would be the intraday support at the level of 136.63.
Support/Resistance:
138.01 - Swing High
137.54 - Weekly Pivot
137.33 - Technical Resistance
137.24 - Intraday Resistance
137.04 - WS1
136.63 - Intraday Support
Trading recommendations:
Day traders should consider opening sell orders from the level of 137.24, with SL above the level of 137.34 and TP at the level of 136.63 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 August 6, 2014 . Thanks for your support on Technical analysis of EUR/JPY for August 6, 2014
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