General overview for 15/09/2014 09:40 CET
The top for black wave B might be in place at the level of 139.16 as anticipated last week. Any impulsive bearish wave progression would be the first clue that the top is in and lower prices should be expected. The second clue might come from the key level breakout where supply will overcome the demand and confirm the lower prices are coming. The third clue will come from any corrective cycle bigger than 50 pips. Moreover, please notice the bearish divergence that has been building on both RSI and momentum oscillator (black arrows). Only a new high would invalidate the bearish bias.
Support/Resistance:
139.16 - 139.25 -
Technical Resistance Zone
138.42 - Intraday Support
138.30 - Weekly Pivot
138.25 - Technical Support
137.48 - WS1
Trading recommendations:
All swing traders that are still keeping buy orders from last week should get ready to close the positions and wait for a further wave progression as the trend looks mature and reversal/correction is possible. Breakout below the level of 138.25 is the first strong confirmation that the top for wave B black is in place at the level of 139.16.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Techncial analysis of EUR/JPY for September 15, 2014 . Thanks for your support.
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