General overview for 31/12/2014 08:20 CET
The yesterday’s intraday support has been taken out, the market has made a fresh new lows but it failed so far to follow through with the decline. The nea-term outlook remains the same with two possible scenarios available. The main scenario indicates a completed corrective cycle in wave XX brown, and another leg to the downside is being expected to complete the last wave Z brown in wave 2 red. The alternate outlook indicates an unfinished wave XX brown in a shape of an irregular flat correction, where wave (a) and (b) blue are done and now wave (c) blue to the upside is anticipated. The confirmation of the main scenario comes with a rejection of the level of 146.43. On the other hand, the confirmation of the alternative outlook comes with a violation of the level of 146.43. Any new low below the level of 144.97 supports the main scenario.
Support/Resistance:
149.76 – Technical Resistance|Swing High|
148.35 – WR3
148.22 – Technical Resistance
147.74 – WR2
147.17 – WR1
147.13 – Intraday Resistance
146.54 – Weekly Pivot
146.44 – Intraday Resistance|Key Level|
145.92 – WS1
145.70 – Technical Support
145.39 – WS2
144.78 – Intraday Support|Swing Low|
144.82 – WS3
Trading recommendations:
Daytraders should refrain from trading for now. Please use tight SL orders as the end of the year liquidity is low and the market moves might get very sharp and sudden in either direction.
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 December 31, 2014
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