General overview for 04/08/2014 08:20 CET
The orange target zone has been missed by mere 2 pips and currently the high at the level of 138.00 is the top for the wave (c) of wave 2 green. The next anticipated wave development should be impulsive wave progression to the downside and the first clue comes with the level of weekly pivot breakout. Secondary confirmation comes with the technical support at the level of 137.32 breakout. In that case the market will enter the bearish zone and more lower prices are expected.
Support/Resistance:
138.44 - WR1
138.00 - Wave 2 High | Intraday Resistance|
137.54 - Weekly Pivot
137.49 - 137.32 - Technical Resistance Zone
137.04 - WS1
136.35 - Wave 1 Low
136.13 - WS2
Trading recommendations:
Day traders and swing traders should consider opening short orders from current market levels with SL above the level of 138.10 and TP at the level of 137.32 with a possible downside extension.
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 4, 2014 . Thanks for your support on Technical analysis of EUR/JPY for August 4, 2014
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