General overview for 05/09/2014 09:45 CET
The black wave Y has been completed earlier than expected and yesterday's news had caused havoc on the markets, resulting in unfinished downward impulsive progression. Currently, the market is in wave -iv- of a larger cycle green wave (iii), so lower prices are expected. Please, notice that the corrective cycle might go as high as the weekly pivot at the level of 136.89 and then fail and reverse. This possibility has been labeled as an alternative count. However, the first target for the bears is at the level of 135.71.
Support/Resistance:
135.64 - WS2
135.71 - Technical Support
135.96 - Intraday Support | Key Level |
136.24 - WR1
136.59 - Intraday Resistance
136.89 - Weekly Pivot
Trading recommendations:
Sell any upside rally with longer term SL above the level of 138.35. TP is open for now.
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 September 5, 2014 . Thanks for your support on Technical analysis of EUR/JPY for September 5, 2014
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