General overview for 04/10/2014 08:50 CET
Three impulsive waves to the upside has been made and now it is time for the corrective cycle wave (iv) to test the intraday supports at the levels of 141.36 and eventually 140.00 again. Nevertheless, the bias is bullish and when the corrective cycle is done, an impulsive breakout above the level of 142.55 is expected with a projected target at the level of 143.67.
Support/Resistance:
143.78 - Larger Time Frame Swing High |Key Level|
143.67 - WR1
143.47 - Technical Resistance
142.55 - Intraday Resistance
141.36 - intraday Support
140.11 - Weekly Pivot
Trading recommendations:
Day traders should consider opening buy stop orders from the level of 143.57 with SL below the level of 141.36 and TP at the level of 143.67.
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 November 4, 2014 . Thanks for your support.
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