General overview for 07/04/2015 07:20 CET
After testing the longer time frame trend-line the market reversed and is continuing to complete the wave (b) blue to the downside now. The first target for this wave might be intraday support at the level of 130.03 but in case of a breakout the next support is at the level of 61% Fiobo at 129.51. The bounce/reversal is still expected in this pair as there is uncompleted wave structure to the upside (wave (c) blue).
Support/Resistance:
131.67 - Swing High
131.29 - Intraday Resistance
130.03 - Intraday Support
129.51 - 61%Fibo
Trading recommendations:
Still daytraders should consider to open buy orders from the level of 130.03 with SL below the level of 129.80 and TP at the level of 131.67.
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 April 7, 2015 . Thanks for your support.
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