Five impulsive waves to the downside has been made in recent price development. The structure starts to look like a potential Head-and-Shoulders price formations is being developing and the KEY AREA is a potential right shoulder termination zone. If this area is broken to the upside, then a test of the recent 4 year’s high is in view. Otherwise, impulsive continuation to the downside is expected. Iflevel of 140.90 is broken and at least H1 candle is closed below it the this is first weak top confirmation.
Support/Resistance:
143.81 – WR2
142.80 – 4 year’s High
142.63 – WR1
142.15 – 141.90 – KEY AREA | Right Shoulder Termination Zone |
141.77 – Weekly Pivot
141.21 – Intraday Support
140.90 – Technical Support
140.70 – WS1
140.02 – Technical Support
139.87 – WS2
Trading recommendations:
For a swing trade – sell orders into KEY AREA zone with SL just above it and potential TP1 at 140.90 and TP2 at 140.00
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 16/12/2013 10:00 CET
Five impulsive waves to the downside has been made in recent price development. The structure starts to look like a potential Head-and-Shoulders price formations is being developing and the KEY AREA is a potential right shoulder termination zone. If this area is broken to the upside, then a test of the recent 4 year’s high is in view. Otherwise, impulsive continuation to the downside is expected. Iflevel of 140.90 is broken and at least H1 candle is closed below it the this is first weak top confirmation.
Support/Resistance:
143.81 – WR2
142.80 – 4 year’s High
142.63 – WR1
142.15 – 141.90 – KEY AREA | Right Shoulder Termination Zone |
141.77 – Weekly Pivot
141.21 – Intraday Support
140.90 – Technical Support
140.70 – WS1
140.02 – Technical Support
139.87 – WS2
Trading recommendations:
For a swing trade – sell orders into KEY AREA zone with SL just above it and potential TP1 at 140.90 and TP2 at 140.00
The material has been provided by InstaForex Company – www.instaforex.com
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