empty
 
 
11.05.2015 09:46 AM
Technical analysis of EUR/JPY for May 11, 2015

General outlook for 11/05/2015 09:30 CET

The current impulsive structure that had been developing since the top of the wave B at the level of 135.97 is so far in three waves and there is a high probability that the leading diagonal pattern if forming now. The price can not go higher than intraday resistance at the level of 135.36 to continue making this pattern, because if it does, the leading diagonal will be invalidated. So, the equally legs of the ABCD pattern labeled in blue had produced a small bounce from the intraday support at the level of 133.47. It might continue higher in no new low is made. Please notice that the technical support at the level of 133.09 is the key level for bulls as any break out lower means trading in a bearish zone.

Support/Resistance:

131.47 - WS2

132.73 - WS1

133.09 - Technical Support|Key Level|

133.47 - Intraday Support

134.33 - Weekly Pivot

135.36 - Intraday Resistance

135.56 - WR1

135.97 - Swing High

Trading recommendations:

As long as the market is below the weekly pivot and dynamic golden trend line resistance the daytraders should consider to open sell orders with SL above the level of 135.00 and TP at the level of 133.09 with a possible extension downward.

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 $1000 more!
    In June we raffle $1000 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