General overview for 18/12/2014 09:30 CET
The overall wave development is still consolidating inside of the golden channel, and average daily range is still rather narrow for this pair. The market is still testing the larger time frame support at the level of 145.70; and no decision on the future price movement has been made yet. Nevertheless, the bias is still to the upside, as the wave structure is corrective and there is still a good chance, that the impulsive waves to the upside will unfold soon.
Support/Resistance:
144.46 - WS2
144.96 - Intraday Support
145.70 - Technical Support
145.86 - WS1
147.01 - Intraday Resistance
147.82 - Weekly Pivot
148.24 - Intraday Resistance
Trading recommendations:
The trading levels stay as it was said as yesterday: the key intraday resistance is at the level of 147.02 and traders should consider opening buy stop orders from this level, with TP at the level of 148.22 and tight (15-20 pips) SL.
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 December 18, 2014 . Thanks for your support.
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