General overview for 11/09/2014 :15:30 CET
Let's take a look on the big picture view for this pair as the recent impulsive bearish count has been invalidated due to wave 1 and wave 2 overlaps. The next best labeling that doesn't break any rules is a little more expanded in price and time corrective cycle in black wave X, that possibly had been completed at the level of 135.76. Now, another upside cycle has started. The target for this upward leg would be at the level of 139.26 where a long-term descending trend line is. Any breakout higher would be the first confirmation that the corrective cycle is completed and the price is going higher to complete purple wave 5 .
Support/Resistance:
139.06 - WR2
138.25 - Intraday Support
137.42 - WR1 Trading recommendations:
Impulsive wave progression to the upside has not been finished yet and buying the dips is advised as the target for this bullish cycle is at the level of 139.26.
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 Technical analysis of EUR/JPY for September 11, 2014 . Thanks for your support.
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