General overview for 20/08/2014 13:50 CET
The target zone market as the orange rectangle on the chart has finally been hit as the corrective green wave (ii) has been developing a little more longer that anticipated. Currently, traders should expect an impulsive wave progression to the downside with the breakout of the weekly pivot level and then intraday support level.
Support/Resistance:
135.71 - Technical Support
135.77 - WS2
136.45 - WS1
136.75 - Intraday Support
137.04 - Weekly Pivot
137.60 - 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 been triggered. 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 20, 2014 . Thanks for your support on Technical analysis of EUR/JPY for August 20, 2014
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