General overview for 31/07/2014 08:50 CET
After breakout above the invalidation line, the main scenario has been invalidated and prices went higher in a corrective cycle. The shape of corrective wave progression looks so far as a simple (a)(b)(c) and one more small wave to the upside is missing to complete the correction. The target for this wave is between the levels of 138.02 – 138.08. Then either reversal to the downside is next, or the correction will get more complicated and time-consuming.
Support/Resistance:
138.19 – WR3
138.02 – 138.08 – Wave (v) Target Zone
137.84 – Intraday Resistance
137.76 – WR2
137.49 – 137.62 – Technical Support
137.33 – Intraday Support
Trading recommendations:
Day traders should consider opening buy positions from the current price levels with SL below the level of 137.49 and TP at the level of 138.02 with a possible extension to 138.19.
Sebastian Seliga is taking part in the “Analyst of the Year” award organized by MT5.com portal. If you like his article, please vote for him.
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Performed by Sebastian Seliga, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of EUR/JPY for July 31, 2014
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