General overview for 29/05/2015 08:00 CET
Apart from the Elliott wave count there is another important pattern emerging in the H4 time frame: head and shoulders reversal pattern with clearly defined levels. Currently, the price is consolidating around the left shoulder and 61%Fibo zone. So, the possibility of a downside move from the current level is quite high. Only a clear breakout above the recent high at the level of 136.94 invalidates both the count and technical pattern.
Support/Resistance:
136.12 - 78%Fibo
135.66 - 135.47 - Key Zone
135.34 - Intraday Support
135.23 - WR1
Trading recommendations:
Daytraders should consider opening sell orders from the current market levels with SL orders should be placed very tight above the level of 135.97 and TP orders should be placed at the level of 135.08 with a possible downside extension.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for May 29, 2015 . Thanks for your support.
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