empty
 
 
17.08.2015 11:02 AM
Technical analysis of EUR/JPY for August 17, 2015

General overview for 17/08/2015 10:00 CET

So far the first three waves of the supposed corrective cycle has been made and the market should continue trading lower in order to complete the bigger time frame cycles (labeled as abc green on the chart). The key dynamic resistance is being provided by the golden trendline around the level of 138.32. Any breakout higher would directly expose the recent swing high at the level of 138.82. Please notice that the market has already tested this level six times and it has not broken it yet. Any breakout will be considered bullish with the resistance at the level of 139.45.

Support/Resistance:

139.45 - WR1

138.82 - Swing High|Intraday Resistance

138.32 - Golden Trend Line Dynamic Resistance

137.78 - Weekly Pivot

137.74 - Intraday Support

Trading recommendations:

Daytraders should consider opening sell orders from the level of 138.31 with SL above the level of 138.83 and TP at the level of 137.74.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback