General overview for 19/08/2014 09:30 CET
So far, the wave progression supports the view of more impulsive downside development. The key level to keep an eye of is the intraday support at the level of 136.75. Breakout lower would be bearish and lower prices might be hit very quickly. On the other hand, the orange rectangular area has not been hit yet and the market might be developing more complex purple wave b (ie: triangle formation) and then move higher for the last wave upwards, hit the target zone and decline towards the 136.75 level.
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:
Sell orders form the level of 137.40 with SL above the level of 137.60 and TP below the level of 136.45 has not been triggered, but this is still an option to trade. The other trading possibility to consider is to trade the intraday support level breakout with entry at the level of the 136.74 and using the same SL and TP as above.
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 August 19, 2014 . Thanks for your support on Technical analysis of EUR/JPY for August 19, 2014
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