General overview for 11/04/2014 10:30 CET
The corrective cycle continues on this pair and there are no signs of the downside trend resumption. The key intraday resistance is at the level of 141.54 and any breakout higher would mean the technical resistance area will be tested, along with 50%Fibo level as well. On the other hand, a breakout below the intraday support at the level of 141.06 would mean that the leg c purple of an irregular correction is in progress and alternate blue labeling is currently the correct one.
Support/Resistance:
139.78 - WS2
140.03 - Swing Low
140.46 - WS1 | Intraday Support|
140.50 - Wave c purple target for a Regular Flat correction
141.06 - Intraday Support
141.54 - Intraday Resistance
141.73 - 50%Fibo
141.93 - Weekly Pivot
Trading recommendations:
Daytraders should open sell positions from the level of 141.45 - 141.53 with SL above the level of 141.55 and TP at the level of 140.50.
In case of more downside continuation in wave (b) blue, sell stop orders should be opened from the level of 140.44 with SL above the level of 141.04 and TP at the level of 140.00.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for April 11, 2014 . Thanks for your support on Technical analysis of EUR/JPY for April 11, 2014
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