General overview for 18/11/2014 08:00 CET
The current wave development had started a corrective cycle that is still in progress. The main level of support, the weekly pivot, has been well defended so far. Now, the market is trying to move above the intraday resistance at the level of 145.82. Breakout higher above this level would expose the recent swing high at the level of 146.54 to test and a very possible breakout.
Support/Resistance:
149.04 - WR2
148.01 - WR1
146.51 - Swing High
145.82 - Intraday Resistance
145.02 - Weekly Pivot
144.71 - Technical Support
143.93 - WS1
Trading recommendations:
No reaction to the downside so far makes the yesterday's sell orders SL move just above the level of 145.82. The TP level stays the same at the level of 143.32.
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 18, 2014 . Thanks for your support.
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