General overview for 18/08/2014 09:30 CET
The corrective cycle in wave 2 of 3 has been completed in a zig-zag shape. Now, this pair is in an impulsive decline and only a breakout above the level of 138.02 invalidates the bearish outlook. The orange rectangular zone is the target for green wave (ii) to complete and then a decline should resume. The first clue supporting this view is the level of the 136.75 breakout. The mid-term bias is still bearish.
Support/Resistance:
135.71 - Technical Support
135.77 - WS2
136.45 - WS1
136.75 - Intraday Support
137.04 - Weekly Pivot
137.06 - Intraday Resistance
137.70 - WR1
138.02 - Swing High | Red Impulsive COunt Invalidation Level|
138.29 - WR2
Trading recommendations:
Day traders and swing traders should consider opening SELL orders form the level of 137.40 with SL above the level of 137.60 and TP below the level of 136.45.
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 August 18, 2014 . Thanks for your support on Technical analysis of EUR/JPY for August 18, 2014
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