Technical analysis of EUR/JPY for Febuary 26, 2014
February 26, 2014 8:10 am
General overview for 26/02/2014 08:00 CET
The anticipated wave c purple has been finished and the overall corrective structure in wave (ii) blue might be finished now. Currently, the key level to the upside is at the level of 140.72, where the descending golden intraday trend line provides the dynamic resistance so far. Any breakout above this level is bullish and the next level of resistance would be 141.02 and 141.25. On the other hand, breakout failure would mean a further downside extension with the first support at the level of 140.30 and second support at the level of 139.83.
Support/Resistance:
141.10 – 141.25 – Supply zone
141.02 – Intraday resistance
140.72 – Key level
140.52 – Weekly pivot
140.30 – Intraday support
139.83 – WS1
Trading recommendations:
Buy stop orders should be opened if the level of 140.72 is violated, with SL below the level of 140.52 and TP at the level of 141.02 and 141.25.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 26/02/2014 08:00 CET
The anticipated wave c purple has been finished and the overall corrective structure in wave (ii) blue might be finished now. Currently, the key level to the upside is at the level of 140.72, where the descending golden intraday trend line provides the dynamic resistance so far. Any breakout above this level is bullish and the next level of resistance would be 141.02 and 141.25. On the other hand, breakout failure would mean a further downside extension with the first support at the level of 140.30 and second support at the level of 139.83.
Support/Resistance:
141.10 – 141.25 – Supply zone
141.02 – Intraday resistance
140.72 – Key level
140.52 – Weekly pivot
140.30 – Intraday support
139.83 – WS1
Trading recommendations:
Buy stop orders should be opened if the level of 140.72 is violated, with SL below the level of 140.52 and TP at the level of 141.02 and 141.25.
The material has been provided by InstaForex Company – www.instaforex.com
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