FxWirePro: EUR/JPY trade idea
Source: FxWire Pro - Technicals / 25 May 2018 03:48:49 America/New_York
FxWirePro Currency Strength Index for EUR/JPY: Bias Bearish
FxWirePro's Hourly EUR Spot Index was at -32.9275 (Neutral)
FxWirePro's Hourly JPY Spot Index was at -32.9275 (Neutral)
Technical Analysis: Bias Bearish
- Break below 'Symmetric Triangle' pattern
- Break below 38.2% Fibo
- Break below 110W EMA (128.47)
- Momentum indicators bearish, Trend indicators support downside
- -ve DMI dominance
Support levels - 127.56 (Aug 18 low), 127, 126.17 (50% Fib)
Resistance levels - 128, 129.26 (5-DMA), 130, 130.23 (21-EMA)
Recommendation: Good to go short on rallies around 128.10/20, SL: 129, TP: 127.60/ 127/ 126.20
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