General overview for 04/12/2015 08:50 CET
The ending diagonal pattern in wave (c) blue had been completed. The price exploded to the upside following the news release. The target for big cycle wave C is above the top of the wave A, but first the market must break out above the descending golden channel trend line around the level of 136.00.
Support/Resistance:
129.33 - WS1
130.18 - Weekly Pivot
130.71 - WR1
131.57 - WR2
132.06 - WR3
134.48 - Intraday Resistance
Trading recommendations:
Day traders should refrain from trading and wait for a better trading setup to occur, because current risk to reward ratio is too large for any trade. Patience is needed.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for December 4, 2015 . Thanks for your support.
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