General overview for 21/10/2014 11:10 CET
Quiet trading conditions have caught the current market in a range zone between the levels of 136.26 - 137.00, but the more expected breakout of this range seems to be to the upside as the internal sub-cycles have not been completed yet. For the upside cycle, the projected target levels are in the supply zone between the levels of 137.77 - 139.94 and price should be capped around this zone and reverse.
Support/Resistance:
137.86 - WR1
137.77 - 137.94 - Supply Zone
136.99 - Intraday Resistance
136.26 - Intraday Support
135.99 - Weekly Pivot
135.27 - WS1
134.11 - Swing Low
Trading recommendations:
The market is still trading above the level of 135.99 and the intraday uptrend is intact - higher prices are expected here. Please notice that this is wave B which is making such trading conditions. It might get choppy but overall buying the dips is the way to trade this market.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for October 21 2014 . Thanks for your support.
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