Technical analysis of EUR/USD for March 04, 2014 Trend News

When the European market opens, some economic news will be released such as Spanish Unemployment Change, PPI m/m. The US will release the economic data too such as the US-IBD/TIPP Economic Optimism, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3801.

Strong Resistance:1.3792.

Original Resistance: 1.3779.

Inner Sell Area: 1.3766.

Target Inner Area: 1.3733.

Inner Buy Area: 1.3700.

Original Support: 1.3687.

Strong Support: 1.3674.

Breakout SELL Level: 1.3665.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3687 and 1.3779. The rate is accompanied by strong support at 1.3674 and by 1.3792 as strong resistance.

If EUR/USD breaks out and closes below the 1.3665 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3801 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3700 and at 1.3766, a SELL position. In this case both targets should be placed at the level of 1.3733.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

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Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of gold for March 04, 2014 Trend News

Gold rallied to new highs. Again gold proved itself as a safe heaven bet. Due to the Ukraine crisis, gold moved higher to the level of $1,355.0. Gold technically looks very strong towards upside. Both daily and hourly momentum oscillators were in overbought zone, it permits gold to limited upside. On the upside, $1,361.0 is the strong resistance level and $1,346 is the strong support level. Now the level of $1,346.0, which was resistance, became support. Major support is acting as yesterday's low of $1,329.0.

The next upmove is intact only above the level of $1,355.0 for the targets at $1,361.0. As we recommended in our earlier report, above $1,362, we can see more upside levels towards $1,368, $1,375, $1,400, $1,415, and $1,433.

On the downside, yesterday's low of $1,329 is the crucial level for further trading sessions. Before the price moves above the level of $1,362, we will see some correction in the price expecting towards $1,346, below this $1,329, and $1,318.0.

Upside-

· Price is trading above 200DEMA in the daily and hourly chart, $1,329.0

· $1,362.0 is the strong resistance zone, above that $1,400.0 and $1,433.0 in the charts.

Downside-

· $1,346.0, $1,329.0, $1,318.0 is the major support zone.

· A day close below the level of $1,318.0 will push gold towards $1,307.0, $1,300.0, and $1,286.0.

· Trend changes at a day close below $1,245.0

· RSI favors to the downside in the daily and hourly charts

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Technical analysis of USD/CHF for March 04, 2014 Trend News

The USD/CHF's downward movement from 0.9081 extended to as low as 0.8777. Further decline could be expected after a minor consolidation, and the next target would be at the 0.8700 area. In the hourly chart, the pair is holding above the moving averages that is a bullish view. The immediate resistance is at the level of 0.8864 on the intraday basis. Until the price holds the support at 0.8818, we can expect some pullback. If the price breaks it, next support will be at 0.8792 and 0.8777.

S1 0.8823 R1 0.8868

S2 0.8818 R2 0.8918

THE AREA ABOVE 0.8868 IS SAFE FOR BULLS.

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Technical analysis of EUR/USD for March 04, 2014 Trend News

European currencies are showing lots of divergences for a trend reversal to occur, but we don’t have the confirmation. The euro didn’t break the moving averages on Friday and yesterday, and the dollar index gave up from 80.58 too. But divergences and indicators are warning of a potential reversal above the level of 1.3964, however we need a further confirmation. EUR/USD rose to 1.3823 at Friday’s trading session. This area was occupied with strong selling pressure. The monthly channel could be broken if we get above the 1.3964.

The pair is trading at the level of 1.3729 in Asia. In the hourly chart oscillators are giving a positive indication, we can expect a pullback from these levels. The pair is holding above the 200EMA level. If the pair breaks above the resistance level of 1.3773, we can see another powerful rally again towards 1.39.

S1 1.3725 R1 1.3760

S2 1.3694 R2 1.3792

S3 1.3642 R3 1.3823

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Technical analysis of EUR/JPY for March 04, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair is inching lower towards 138.00/139.00 levels. Please note that prices has reversed from the 0.5% fibonacci retracement at 141.00. Bears should be determined to push prices further low into 133.00/132.00.

2. Immediate resistance is at 141.00 (intermediary), followed by 142.50/143.00 and 145.50, while supports are spread through 134.00, followed by 131.00, 128.00 and lower respectively.

3. The structure indicates that prices should remain under pressure till below 141.00 for now. Minimum expectations are 132.00 and 130.00. A push through 141.00 would test 143.00 and 145.50 respectively.

Trading recommendations:

Remain short for now. Set stop above 141.50, target is open.

Good luck!

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Technical analysis of GBP/CHF for March 04, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has again come under pressure towards the 1.4700 mark taking out out on long positions. Bears might be setting up for a downside extension of 1.4400 and 1.4200 respectively. Aggressive trade setup could be to sell intraday rallies.

2. Immediate resistance is at 1.4950/60(intermediary), followed by 1.5120/30, while supports are spread through 1.4550, followed by 1.4350, 1.4200 and lower respectively.

3. The structure indicates that the pair should remain in control of bears till it is below 1.4950/60. Downside extensions are pointing towards 1.4400 and 1.4200 at least.

Trading recommendations:

Sell on rallies towards 1.4950/60.

Good luck!

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Technical analysis of Silver for March 04, 2014. Trend News

Technical outlook and chart setups:

1. Silver is moving as per expectations and short positions might have triggered around $21.70/80 region. Minimum expectations are towards $20.50 level, before the bulls take back control. It is recommended to remain short for now, risk remains at $22.50.

2. Immediate resistance is at $23.00, followed by $23.30/50 and higher, while supports are spread through $20.50 (past resistance), $20.00, followed by $19.00 and lower respectively.

3. The structure indicates that bears are taking back control in their hands for a while now. Silver should remain well supported in the $20.50/20.00 region, for bulls to regain control.

Trading recommendations:

Remain short for a while, stop is at $22.50, target is between $20.50 and $20.00. Reverse positions there.

Good luck!

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Technical analysis of Gold for March 04, 2014. Trend News

Technical outlook and chart setups:

1. Gold is nearing major resistance level at $1,361.00, taking our stops out at $1,349.50 yesterday. It is recommended to remain flat for now. The bulls would possibly want to take $1,361.00 out before retracing lower.

2. Immediate resistance is at $1,361.00, followed by $1,375.00 and higher up, while supports are spread through $1,320.00, followed by $1,307.00, $1,270.00/80, $1,230.00/20 and lower respectively.

3. The structure indicates of a major inverted head and shoulder reversal in the making. Prices are expected to fall within $1,250/60 range after taking out $1,361.00.

Trading recommendations:

Flat for now. Looking to initiate short positions higher.

Good luck!

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Daily analysis of USDX for March 04, 2014 Trend News

Daily chart: The USDX formed a fractal near the 79.60 level and made a bullish rebound near that level, so far, the USDX is trying to make a breakout at the level of 80.11. If successful, it is expected to rise to the resistance level of 80.62. Furthermore, if the USDX performs consolidation below the level of 80.11, it's expected to fall again to the level of 79.60. The MACD indicator is in neutral territory.

H4 chart: The USDX found resistance at the level of 80.09, after the USDX fell to the support level of 79.81, which did a bullish rebound with the formation of two fractals. If the USDX does make a breakout at the resistance level of 80.15, it's expected to rise to the level of 80.44, where the 200-day moving average is located. The MACD indicator is oversold and entering positive territory.

H1 chart: The USDX has consolidated above the point of control at the level of 79.88 . Now, it is very likely that the USDX rises to the resistance level of 80.15, where the 200-day moving average is located. If the USDX manages to consolidate above this level, would be expected to rise to the resistance level of 80.35. On the other hand, if the USDX does make a breakout at the support level of 79.88, it's expected to fall to the level of 79.64. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 79.88, take profit is at 79.64, and stop loss is at 80.12.

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Daily analysis of GBP/USD for March 04, 2014 Trend News

Daily chart: GBP/USD had a significant drop to the support level of 1.6663, as a part of the corrective movement within the bullish trend. However, a breakout at the support level could lead GBP/USD to the level of 1.6540. On the other hand, if this pair makes a bullish rebound at current levels, it would be expected to rise again to the resistance level of 1.6766. The MACD indicator is in the overbought zone.

H4 chart: The GBP/USD is below the resistance level of 1.6667, so it is very likely that this pair make a bullish rebound at current levels to consolidate above this level. However, a breakout below the 1.6640 level could take this pair to the support level of 1.6592. The MACD indicator is still in negative territory.

H1 chart: This pair has consolidated below the 200 SMA, and now the GBP/USD is forming a higher low pattern below that level. However, we must be careful when placing sell orders, so it is very likely that this pair will make a bullish rebound at current levels and up to the level of 1.6700. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6750.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6700, take profit is at 1.6750, and stop loss is at 1.6650.

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Intraday technical levels and trading recommendations for GBP/USD for March 3, 2014 Trend News

The pair remains in the bearish impulse initiated off its peak price around 1.6820 as long as this highest price doesn't get broken through.

The breakdown of 1.6600 is essential to confirm reversal and trigger a stronger pullback, which will pause the short-term bullish momentum and open the way towards 1.6536 (50% Fibonacci Level of the swing between 1.6250/1.6821) and psychological Demand of 1.6500 as well.

The price level of 1.6600 seems to be a considerable support for the pair so far.

The bears failed to fixate below it on the last bearish attempt that took place two weeks ago. Instead, bullish pressure was applied to push again towards 1.6750 and 1.6800.

The bulls were concentrated around 1.6600 considering it as an ideal reversal point.

Stabilization of 1.6600 protected the pair from further decline. This led to a sideway consolidative phase before the ongoing bullish breakout took place last week.

As expected, breakthrough above 1.6666 opened the way towards 1.6740 corresponding to 61.8% Fibonacci of the recent bearish swing depicted on the 4H chart.

Breakthrough above 1.6740 is a must to bring bulls back to push towards 1.6820 again.

On the other hand, stabilization below which traps the pair between it and the backside of the broken channel around 1.6650 (Recent Demand Level) which may lead to a sideway consolidative phase until new fundamental data gets into the market.

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Intraday technical levels and trading recommendations for EUR/USD for March 3, 2014 Trend News

Successive ascending bottoms are being established on the daily chart. This means the uptrend line established on September 2013 is still intact.

The ongoing bullish impulse is probably targeting at 1.3900 corresponding to 100% Fibonacci Expansion.

The pair failed to reach this price level on the previous attempt that took place on December 2013.

As long as the bulls are defending the recent bottom at 1.3630, the EUR/USD pair remains bullish on the intermediate prospective.

On the other hand, breakdown of 1.3600-1.3630 invalidates the bullish scenario which is least likely to occur based on the fundamental statement given by Mario Draghi which is quite optimistic about the European situation and its limited relation to the crisis of the Ukrainian economy.

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GBP/USD intraday technical levels and trading recommendations for March 3, 2014 Trend News

A considerable support was provided around 1.6250. This price level corresponds to the previous multiple tops as well as the recent bottom.

A breakthrough above the price zone of 1.6590-1.6660 opened the way directly towards the upper limit of the depicted channel around 1.6820 where the GBP/USD pair topped recently.

As expected, shortly after, the bears retraced towards 1.6590-1.6660. An ascending bottom was established there on February 25.

The bulls are probably targeting at the recent high around 1.6800. The market may offer a SELL entry at retesting.

The pair is still trapped between 1.6730 (61.8% Fibonacci on the 4H chart) and 1.6590 (lower limit of this congestion zone).

As depicted on the chart, the bulls are trying to breakthrough above 61.8% Fibonacci around 1.6730. However, immediate bearish rejection is taking place to push lower again. Fixation below price zone of 1.6705-1.6735 will allow a bearish impulse to take place towards 1.6620 initially.

Price action should be watched at retesting of price zone of 1.6550-1.6470 as a valid BUY entry may be offered with stop loss as 4H closure below 1.6500.

Breakdown of 1.6590 clears the way towards a more prominent support around 1.6530 ( Fibonacci 50% on the daily chart) and probably 1.6470 (Fibonacci 61.8% of the same swing).

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Technical analysis of USD/JPY for March 03, 2014 Trend News

Overview:

USD/JPY is expected to trade with bearish bias. It is undermined by the flows to safe-haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion as concerns mount over Russia's military intervention into Ukraine. USD/JPY is also weighed by the negative dollar sentiment (ICE spot dollar index last 79.84 versus 80.28 early Friday) after sharp downward revision of the U.S. 4Q GDP to a seasonally adjusted annual rate of +2.4% from original estimate of +3.2%, smaller-than-expected 0.1% rise in the U.S. pending home sales index to 95.0 in January (versus +1.4% forecast) and Japanese exports sales. But the U.S. dollar sentiment is soothed by the surprise rise in the U.S. February University of Michigan consumer sentiment index to 81.6 from a preliminary reading of 81.2 (versus forecast for no change at 81.2) and rise in U.S. ISM-Chicago PMI to 59.8 in February from January's 59.6. USD/JPY losses are also tempered by the demand from Japan importers and loose BOJ monetary policy.

Technical сomment:
Daily chart is negative-biased as stochastics is falling from overbought zone , MACD staging is bearish crossover against its exponential moving average.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 101. A breach of this target will move the pair further downwards to 100.70. The pivot point stands at 101.70. In case the price moves in the opposite direction, bounces back from support level, and then moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 101.90 and the second target at 102.20.

Resistance levels:

101.90

102.20

102.45

Support levels:

101

100.70

100.55

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USD/CAD intraday technical levels and trading recommendations for March 3, 2014 Trend News

After fresh highs were reached on February 17, USD has been failing to keep its gains against the CAD.

The pair established a prominent top around 1.1220 that pushed the USD/CAD pair back to the previous congestion zone between 1.0850 and 1.0960.

This congestion zone provided a considerable support at retesting on February 19. This led again towards 1.1190 where the USD/CAD pair topped on February 21 expressing an Inverted Hammer daily candlestick as depicted on the chart.

In the long-term, the bullish demand expressed at 1.0960 is probably pushing towards 1.1235 corresponding to 50% Fibonacci.

Daily fixation above 1.1235 will probably open the way towards the next resistance level around 1.1650 which corresponds to 61.8% Fibonacci which is prominent on the weekly chart.

On the other hand, bearish rejection of the current levels will push the pair again towards 1.0950 then 1.0850 as initial targets. These levels also correspond to the depicted uptrend line that was initiated in September 2013, thus the market may offer a good BUY opportunity around 1.0900 with stop loss as daily closure below 1.0850.

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Technical analysis of NZD/USD for March 03, 2014 Trend News

Overview:

NZD/USD is expected to consolidate in lower range after hitting its six-week high 0.8425 on Friday. It is undermined by the kiwi sales on soft NZD/JPY cross amid increased investor risk aversion on events in Ukraine and concerns over economic slowdown in China. But NZD/USD losses are tempered by the negative dollar sentiment and stronger-than-expected 2.3% rise in New Zealand's terms-of-trade index in the fourth quarter to 40-year high (versus +1.8% forecast), kiwi demand on soft AUD/NZD cross and hawkish Reserve Bank of New Zealand's monetary policy stance. Daily chart is still positive-biased as MACD and stochastics is in bullish mode, 5- and 15-day moving averages are advancing.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8330. A breach of this target will move the pair further downwards to 0.8310. The pivot point stands at 0.838. In case the price moves in the opposite direction, bounces back from support level, and then moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8425 and the second target at 0.846.

Resistance levels:

0.8425

0.846

0.849

Support levels:

0.8330

0.8310

0.8285

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Technical analysis of USD/CHF for March 03, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bearish after hitting its two-year low of 0.8775 on Friday. It is undermined by the negative U.S. dollar sentiment, flows to safe-haven CHF as Russia-Ukraine tensions mount and stronger-than-expected Switzerland February KOF economic barometer (came in at 2.03 versus 2.0 forecast) and franc demand on soft EUR/CHF cross. Daily chart is negative-biased as MACD is bearish, stochastics is reverted to bearish mode at oversold zone; 5- and 15-day moving averages are declining.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8770. A breach of this target will move the pair further downwards to 0.8740. The pivot point stands at 0.8840. In case the price moves in the opposite direction, bounces back from support level, and then moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8875 and the second target at 0.8910.

Resistance levels:

0.8875

0.8910

0.8935

Support levels:

0.8770

0.8740

0.8700

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Technical analysis of GBP/JPY for March 03, 2014 Trend News

Overview:

GBP/JPY is expected to trade in lower range. It is undermined by the increased investor risk aversion as Russia-Ukraine tensions escalate and Japan exporter sales. But EUR/JPY losses are tempered by the diminished expectations for ECB rate cut on Thursday after higher-than-expected euro-zone February flash CPI and demand from Japan importers and loose BOJ's monetary policy. Daily chart is mixed as stochastics is falling from overbought zone, but MACD is in bullish mode.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 169. A breach of this target will move the pair further downwards to 168.35. The pivot point stands at 170.1. In case the price moves in the opposite direction, bounces back from support level, and then moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 170.6 and the second target at 171.2.

Resistance levels:

170.6

171.2

171.6

Support levels:

169

168.35

167.9

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GOLD analysis for March 03, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,350.09 on average volume. Our previous analysis is still active and buying at this stage looks risky. The Gold is around our critical resistance area at the price of 1,338.00. We got FR 61.8% at the price of 1,338.00 and if that level can hold, we may see potential bearish movements. According to daily chart, we can observe weak supply at the Friday bar, which is a sign that selling at this stage also looks risky. To confrim potential bearish correction, we need to see stronger supply on high volume. Otherwise, if the price breaks the level of 1,345.00 on higher volume, we may see testing the level of 1,1395.00-1,400.00 (Fibonacci expansion 161.8%). My advice is to watch for potential bearish movement if we see stronger supply on the market . I've placed Fibonacci levels to find potential down stations and I got submajor Fibonacci retracement 38.2% at the price of 1,307.00 and Fibonacci retracement 61.8% at the price of 1,280.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,338.71

R2: 1,340.39

R3: 1,343.10

Support levels:

S1: 1,333.29

S2: 1,331.61

S3: 1,328.90

Trading recommendation: Trading the metal, be careful with buying since Gold is around critical area and we are also on the high new ground.

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EUR/NZD analysis for March 03, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6511 on volume above the average. We can observe rejection from our major support zone at the price of 1.6308, which is a good sign for potential bullish continuation phase. The price got stopped on our target level Fibonacci retracement at the price of 1.6515. If the price breaks the level of 1.6515 on higher volume, we may expect testing the level of 1.6600 (submajor Fibonacci expansion 61.8%). Be careful with selling since we may see the end of bearish corrective phase (abcd) and we also got that strong demand entered the market. EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6476

R2: 1.6523

R3: 1.6599

Support levels:

S1: 1.6323

S2 : 1.6276

S3: 1.6199

Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the potential bullish continuation phase.

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Weekly technical levels of GBP/USD for March 3-7, 2014 Trend News

Weekly technical levels:

Forecast:

• According to the previous events, the price of GBP/USD pair has still been trapped between 1.6768 and 1.6697.


• The level of 1.6768 is representing the double top and the weekly pivot point is set at 1.6697.


• Buy above 1.6700 in the short term with the first target of 1.6768, it might resume to 1.6810 if the trend will be able to break the double top at 1.6768.

General overview about the pivot points:

• R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.


• Pivot lines work well on sideways markets, as the prices are most likely to be located between the R1 and S1 lines.


• Within a strong trend, the price is expected to be lower than the pivot point line and continue the movement.


• If the breaking news released affects the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.

Observations:

• If the trend is upward, then the strength of the currency will be defined as following: USD is in an uptrend and CHF is in a downtrend.


• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.


• Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy in the long term in this period, you will surely lose your profit.


• Stop loss should NEVER exceed your maximum exposure amounts.


• As a rule, the market is highly volatile if the last day had huge volatility.

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Gold analysis for March 3, 2014 Trend News

Gold price has broken above the short-term resistance at $1,335 and is now making a higher high above $1,340. We expect this upward move to continue towards $1,360 where the next important resistance level is.

For this uptrend to remain valid, Gold price must remain above the upward sloping blue trend line that coincides with the Ichimoku cloud support at $1,320. Short-term support is found at $1,335 where the breakout started. A pullback towards $1,335 is very possible but it looks like Gold price is heading higher above $1,350.

The daily chart shows how important this area for Gold bulls is. Strong resistance in the area of $1,340-60 where the blue downward sloping trend line is found. The longer-term target for Gold price is now above $1,400. The price target that can be reached is $1,500. We are bullish on Gold as long as it trades above $1,320.

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#USDX analysis for March 3, 2014 Trend News

The technical picture of the Dollar index is very bearish. The index has not managed to stage any sizeable upward move above 80.60 and it continues to make lower lows and lower highs. The sideways consolidation from 79.95 to 80.50 has been broken downwards and we expect this downward move to continue lower as important support levels have been broken.

Important resistance is now the 80.40-50 area where the downward sloping trend line is now as seen in the above chart. The latest low at 79.95 was broken the the red horizontal line is now resistance. The ichimoku cloud has proven strong resistance for the index and prices got rejected and reversed lower.

On the weekly chart above, one can see how important the current levels are for the Dollar index. The upward sloping trend line from May 2011 is slightly broken and unless we see a reversal above 80 soon, we should expect the longer-term trend to push the index towards the low 70s price area. We are bearish as long as prices trade below 80.50

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Technical analysis of USD/CAD for March 3, 2014 Trend News

General overview for 03/03/2014 03:30 CET

There is one more wave to the downside needed to complete wave B green of the correction before the upside trend will resume. The most important area right now is the grey rectangle zone between the levels of 1.1016 - 1.1027, marked as supply breakthrough zone or the key level. Any breakout to the downside is bearish and wave B green next support would be at the level of 1.0968. Please notice that to confirm the upside progression, the price must break out above weekly pivot and the golden trend line to challenge the recent swing high. On the other hand, the alternate scenario indicates a possible completion of wave 2 at the level of 1.1192, and to confirm this point of view, the market must break below the level of 1.0910.

Support/Resistance:

1.0895 - WS3

1.0967 - WS2

1.0969 - 78%Fibo

1.1016 - 1.1027 Supply breakthrough zone

1.1016 - WS1

1.1038 - Intraday support

1.1079 - Intraday resistance

1.1087 - Weekly pivot

1.1135 - WR1

1.1156 - Technical resistance

Trading recommendations:

Please keep an eye on the key level, and this area should be a buy zone for bulls with SL below 1.1000 and TP at the level of 1.1087 and 1.1124.

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Technical analysis of EUR/JPY for March 03, 2014 Trend News

General overview for 03/03/2014 08:40 CET

The blue wave (b) turned up to be a ZigZag correction to the upside instead of a simple abc purple that I labeled last Friday. Now it looks completed and another leg down in this corrective sequence may be in progress. The gap that traders can see is a weekend gap and it will act as a resistance for the price. Only a sustained breakout above the gap would challenge the recent swing high. The golden trend line breakout is the first clue that the downside wave progression in order to complete wave (c) blue will continue. The first downside target is 61%Fibo at the level of 138.14.

Support/Resistance:

137.58 - WS2

138.14 - 61%Fibo

138.66 - WS1

138.80 - Wave (a) low

139.45 - Intraday support

139.87 - Weekly pivot

140.04 - 140.44 - Gap

140.95 - WR1

Trading recommendations:

Sell stop orders should be opened from the level of 139.44 with SL above the level of 140.05 and TP at the level of 138.80 and 138.14.

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