General overview for 15/05/2014 08:00 CET
The anticipated level of 139.25 has been missed by mere 20 pips and so far it looks like the main impulsive wave progression has been completed and the corrective cycle is due. The first resistance is the level of 139.88 and any breakout higher means that the 61%Fibo at the level of 140.37 will be possibly tested. The bullish divergence at the momentum oscillator supports this point of view. This is only a short-term corrective cycle and the long-term bias remains bearish.
Support/Resistance:
139.25 - Technical Support
139.45 - Intraday Support
139.88 - Intraday Resistance
140.37 - 61%Fibo
140.61 - Weekly Pivot
Trading recommendations:
Daytraders should open buy stop positions if the level of 139.90 is broken with SL below the level of 139.44 and TP at the level of 140.37.
Swing traders should still keep the running short positions as lower prices are still expected.
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 May 15, 2014 . Thanks for your support on Technical analysis of EUR/JPY for May 15, 2014
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