General overview for 18/02/2014 12:00 CET
The corrective cycle wave c to the downside that I have been expecting did not happen so it means the overall corrective cycle in wave (ii) green has been finished sooner and now the market continues to go higher. The first resistance is the supply zone marked as a grey rectangle between the levels of 141.06 - 141.25. If this area is violated, then next higher highs are anticipated. The key intraday level for bulls is the 140.22 level as the technical support level. Only a breakout below this level opens the road to invalidation line at the level of 139.66.
Support/Resistance:
141.06 - 141.25 - Supply Zone
141.06 - WR2
140.84 - Intraday Resistance
140.22 - Key Level
139.66 - Bullish Red Count Invalidation Line
139.42 - Weekly Pivot
Trading recommendations:
As long as price stays above the level of 140.22, buy positions should be opened with SL below the level of 140.19 and TP at the level of 141.06.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for Febuary 18, 2014 . Thanks for your support on Technical analysis of EUR/JPY for Febuary 18, 2014
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