General overview for 16/06/2015 09:15 CET
After filling the weekend gap and breaking out higher above the golden trendline, the market has reached the reversal zone at 61%Fibo level. The wave X black has been extended in time and now it is evolved into more complex and time-consuming corrective cycle. The downside wave development is still possible. The reason for this type of thinking is a missing wave Y black to the downside to complete the overall structure. On the other hand, any breakout even higher above the level of 140.00 is bullish for the market and next resistance is likely to be a swing high at the level of 141.05.
Support/Resistance:
141.05 - Swing High
139.86 - 140.00 - Reversal Zone
139.68 - WR1
139.60 - Intraday Support
138.82 - Weekly Pivot
Trading recommendations:
The sell orders from yesterday did not worked out as the price moved higher, but it looks like actual level are again very attractive to consider to open another sell positions with SL just above the level of 140.01 and TP at the level of 139.60 initially.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for June 16, 2015 . Thanks for your support.
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