General overview for 12/11/2014 11:00 CET
It looks like five impulsive waves on the larger 4H time frame have been made and now the market should start a corrective cycle. There is a clear one to one price and time ratio between wave 1 and wave 5 and bearish divergence supports the view as well. On lower time frames, the key support is at the level of 142.10 and breakout lower is the first clue that the short-term top is in place.
Support/Resistance:
144.68 - Swing Top|Technical Resistance|
144.60 - WR1
143.68 - Intraday Resistance
143.03 - Intraday Support
142.49 - Weekly Pivot
142.11 - Technical Support | Key Level|
Trading recommendations:
Day traders should consider to sell orders from the level of 143.68 with SL above the level of 144.68 and TP at the level of 142.11 with a possible downward extension to the level of 141.36.
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 12, 2014 . Thanks for your support.
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