empty
 
 

Forex Analysis & Reviews: Technical analysis of EUR/JPY for Febuary 24, 2014
time 24.02.2014 04:01 PM
time Relevance up to, 01.01.1970 03:00 AM

General overview for 24/02/2014 13:30 CET

Starting from the weekly time frame there are two possibilities of further market movements as the main and alternative count. The main count still indicates a possible one more wave upside, with target above the level of 145.64. This scenario is valid as long as the level of 135.50 is not violated. On the other hand, alternative count indicates a possible top for wave 1 (alt: 1 labeling) at the level of 145.64. This would mean that the current wave progression is some kind of a correction in wave alt.2 of a higher degree. Another clue that supports this point of view is a bearish divergence on momentum oscillator and a possible overbalance of the price and time of the wave progression from wave B red low at the level of 93.30. Moreover, if we include 1st January to the chart data, there is a clear trend line on daily time frame chart that is acting now as dynamic resistance for the price. We can see on daily time frame the tight price range between 55MA, red resistance line at the level of 141.20 and the golden trend line resistance. It means the market is at the critical level on larger time frames and the next market move will be very important to the overall technical picture.

On lower time frames (H1 and H4) we can see that the price is moving within a rather tight golden channel and currently is oscillating around the weekly pivot at the level of 140.54. The hourly intraday time frame indicates a possible final push to the downside, which is possible completion of the abc purple correctiove structure in wave (ii) blue. Any breakout below the key intraday area at the level of 140.06 would expose the lower levels to be tested next: 139.83 and 139.33. Nevertheless the bullish count invalidation line lies a little bit lower at the level of 139.17 and only violation of this level would invalidate the impulsive count.

Support/Resistance:

138.40 - WS2

138.73 - 50%Fibo

139.17 - Blue impulsive count invalidation line

139.83 - WS1

140.06 - Key intraday level

140.30 - Intraday support

140.54 - Weekly pivot

141.02 - Intraday resistance

141.10 - 141.25 - Supply Zone

141.91 - WR1


Trading recommendations:

For daytraders: as long as the golden trend line provides dynamic support, the buy orders should be opened at the level of 140.06 with SL below the level of 139.83 and TP at the level of 141.25 with a possible further upside extension.

For swing traders: bullish biased traders please keep an eye on the level of 135.50 as a key level for the upside momentum to continue.

This image is no longer relevant
This image is no longer relevant
This image is no longer relevant
This image is no longer relevant

EURUSD
Euro vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade

บทวิเคราะห์ของทาง InstaForex จะทำให้คุณทราบถึงแนวโน้มของตลาด! ในการที่เป็นลูกค้าของทาง InstaForex นั้นคุณจะได้รับการบริการเพื่อการซื้อขายอย่างเต็มประสิทธิภาพอย่างมากมาย

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    เข้าร่วมการแข่งขัน
  • Chancy Deposit
    ฝากเงินในบัญชีของคุณใน $3,000 และรับ $10000 ไปเพิ่ม!
    ใน มกราคม ทางเราได้ออก$10000 ภายในแคมเปญ Chancy Deposit !
    คว้าโอกาสที่จะชนะด้วยการฝากเงิน $3,000 ไปในบัญชีเทรด เมื่อทำตามเงื่อนไขนี้แล้ว คุณก็จะกลายเป็นผู้เข้าร่วมแคมเปญ
    เข้าร่วมการแข่งขัน
  • เทรดให้ดีแล้วคว้ารางวัล
    เติมเงินในบัญชีของคุณอย่างน้อย $500 สมัครเข้าร่วมการแข่งขัน และลุ้นรับรางวัลอุปกรณ์ติดต่อสื่อสารแบบพกพา
    เข้าร่วมการแข่งขัน
  • โบนัส 100%
    โอกาสพิเศษของคุณในการรับโบนัส 100% จากเงินฝากของคุณ
    รับโบนัส
  • โบนัส 55%
    สมัครรับโบนัส 55% สำหรับการฝากทุกครั้ง
    รับโบนัส
  • โบนัส 30%
    รับโบนัส 30% ทุกครั้งที่คุณเติมเงินในบัญชีของคุณ
    รับโบนัส

Recommended Stories

GBP/USD. Analysis for January 28, 2023

The wave markup for the pound/dollar instrument now appears rather complex, doesn't call for any clarifications, but starts to diverge significantly from the markup of the euro/dollar instrument. Our five-wave

Chin Zhao 17:51 2023-01-28 UTC+2

EUR/USD. Analysis for January 28, 2023

The euro/dollar instrument's 4-hour wave marking hasn't changed much recently and is still getting more intricate, and the entire upward component of the trend is still being stretched

Chin Zhao 17:40 2023-01-28 UTC+2

Elliott wave analysis of Tesla for January 27, 2023

As we said yesterday, it was possible that Tesla would move closer to resistance near 169 before topping and that's exactly what we now are seeing about Tesla. Despite

Torben Melsted 07:00 2023-01-27 UTC+2

Elliott wave analysis of EUR/USD for January 27, 2023

EUR/USD moved a bit closer to the ideal target at 1.0933. However, topping at 1.0929 is more than enough to fulfil the 1.0933 target. We expect wave

Torben Melsted 06:55 2023-01-27 UTC+2

GBP/USD. Analysis for January 26. US GDP report may support the dollar

The wave markup for the pound/dollar instrument currently appears rather complex, but it also doesn't call for any explanations and starts to diverge dramatically from the markup of the euro/dollar

Chin Zhao 12:34 2023-01-26 UTC+2

EUR/USD. Analysis for January 26. The market does not want to be objective

The wave marking on the euro/dollar instrument's 4-hour chart is still quite compelling and getting more intricate, and the entire upward segment of the trend is still quite convoluted. Although

Chin Zhao 11:54 2023-01-26 UTC+2

Elliott wave analysis of Tesla for January 26, 2023

Tesla has seen a correction just as we predilected in our article from January 10th. The rally to 144 could be enough, but we are not blind to the possibility

Torben Melsted 07:38 2023-01-26 UTC+2

Elliott wave analysis of EUR/GBP for January 26, 2023

EUR/GBP has seen an expanding leading diagonal as sub-wave i/, which has been followed by an expanding flat correction that still could move a bit lower into the support area

Torben Melsted 07:32 2023-01-26 UTC+2

EUR/USD. Analysis for January 25. Statistics from the European Union again prevented the euro from falling.

The wave marking on the euro/dollar instrument's 4-hour chart is still quite compelling and getting more intricate, and the entire upward segment of the trend is still quite convoluted. Although

Chin Zhao 07:24 2023-01-25 UTC+2

Elliott wave analysis of EUR/USD for January 25, 2023

EUR/USD is completing the corrective wave from 1.0835 and should soon start a new descent towards the ideal corrective target area between 1.0437 - 1.0500 to complete wave

Torben Melsted 06:06 2023-01-25 UTC+2
หากไม่สะดวกคุยในตอนนี้
ระบุคำถามไว้ได้ใน แชท.