General overview for 07/11/12014 09:50 CET
Just as anticipated yesterday, the market has made three wave correction to the level of 142.18 that will be acting as an intraday support now. It doesn't look like the corrective cycle has been finished and at least one more wave down is being expected here to complete the cycle. The intraday resistance at the level of 142.89 should not be broken and market should make another leg down to the level of 141.70 before any meaningful bounce occurs. Please notice that the corrective cycle might evolve into more complex and time consuming correction in a shape of a triangle.
Support/Resistance:
144.90 - WR2
144.22 - Swing High
143.67 - WR1
142.89 - Intraday resistance
142.18 - Intraday Support
141.70 - Technical Support
Trading recommendations:
Day traders and swing traders should wait for the corrective cycle to complete before opening buy positions again.
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 7, 2014 . Thanks for your support.
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