Will EURJPY break support at 117.249?
The pair met support slightly below the 61.8% Fibo (117.447) from the previous up trend and the price is currently consolidating in that vicinity.
This morning the Euro Zone reported worse than expected Markit Composite and Services PMI, although both are still above 50, at 50.1 and 51.6 respectively.
This worse than expected data did not push the pair lower, which may signify a strong area of support.
We’ll consider 2 possible scenarios:
Globally, the picture for the pair is bearish. Ichimoku Cloud is showing a bearish bias.
200 EMA is above 50 EMA, pointing down.
If the price breaks out of consolidation down, wait for price to move below support at 117.249, targets down will be in the area of support at 117.143, then 117.033, followed by 116.895 and then further down we have support at 116.570.
If Bears fail to take support at 117.249, then we have 2 local trend lines. If you are experiencing risk appetite then wait for the break above the first trend line, first target up will be at the second trend line, in the vicinity of 117.623, followed by 23.6% Fibo at 117.856, then resistance at 117.995 and finally 38.2% Fibo at 118.232.
This morning the Euro Zone reported worse than expected Markit Composite and Services PMI, although both are still above 50, at 50.1 and 51.6 respectively.
This worse than expected data did not push the pair lower, which may signify a strong area of support.
We’ll consider 2 possible scenarios:
Globally, the picture for the pair is bearish. Ichimoku Cloud is showing a bearish bias.
200 EMA is above 50 EMA, pointing down.
If the price breaks out of consolidation down, wait for price to move below support at 117.249, targets down will be in the area of support at 117.143, then 117.033, followed by 116.895 and then further down we have support at 116.570.
If Bears fail to take support at 117.249, then we have 2 local trend lines. If you are experiencing risk appetite then wait for the break above the first trend line, first target up will be at the second trend line, in the vicinity of 117.623, followed by 23.6% Fibo at 117.856, then resistance at 117.995 and finally 38.2% Fibo at 118.232.
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