General overview for 20/10/2014 10:15 CET
The first resistance level has been broken and price has made a higher high on the intraday chart. The most important level right now is the narrow supply zone between the levels of 137.77 - 137.94 and any breakout higher confirms further upward price progression in wave B black. On the other hand, it looks like the weekly pivot will play a key role in intraday developments and a possible bounce and rebound is expected on that level. Only a breakout below weekly pivot should be considered as intraday bearish.
Support/Resistance:
137.86 - WR1
137.77 - 137.94 - Supply Zone
136.99 - Intraday Resistance
136.45 - Intraday Support
135.99 - Weekly Pivot
135.27 - WS1
134.11 - Swing Low
Trading recommendations:
As long as the price trades above the level of 135.99 the intraday uptrend is intact and higher prices are expected here. Please notice that this is wave B in the making so trading conditions might get choppy but overall buying the dips is the way to trade this market.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for October 20, 2014 . Thanks for your support.
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