Technical analysis of EUR/JPY for Febuary 19, 2014
February 19, 2014 7:55 am
General overview for 19/02/2014 08:00 CET
One more wave to the upside is missing if the main count is the correct one. The momentum is diminishing and the supply zone between the levels of 141.06 – 141.25 should provide the resistance and will act as a target zone for wave (v) blue. The key level to the downside is at the level of 140.22 and any downside breakout would possibly expose the weekly pivot for a test. However there is nothing wrong if price will retrace that deep in wave (iv) blue correction. Please watch the invalidation line at the level of 139.47 because any violation of that level would invalidate bullish blue count and put the alternate count in play.
Support/Resistance:
141.06 – 141.25 – Supply Zone
140.89 – Intraday Resistance
140.30 – Technical Support
140.22 – Key Level
139.42 – Weekly Pivot
Trading recommendations:
The buy orders should be opened from the level of 140.30 with SL below the level of 140.21 and TP at the level of 141.06.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 19/02/2014 08:00 CET
One more wave to the upside is missing if the main count is the correct one. The momentum is diminishing and the supply zone between the levels of 141.06 – 141.25 should provide the resistance and will act as a target zone for wave (v) blue. The key level to the downside is at the level of 140.22 and any downside breakout would possibly expose the weekly pivot for a test. However there is nothing wrong if price will retrace that deep in wave (iv) blue correction. Please watch the invalidation line at the level of 139.47 because any violation of that level would invalidate bullish blue count and put the alternate count in play.
Support/Resistance:
141.06 – 141.25 – Supply Zone
140.89 – Intraday Resistance
140.30 – Technical Support
140.22 – Key Level
139.42 – Weekly Pivot
Trading recommendations:
The buy orders should be opened from the level of 140.30 with SL below the level of 140.21 and TP at the level of 141.06.
The material has been provided by InstaForex Company – www.instaforex.com
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