The corrective wave b purple has been finishead as anticipated and now last wave to the upside is developing.
The possible levels to complete this wave are 142.11 and 142.35.
Any breakout higher is bullish, but as long as the top @142.60 is not broken, the bias is to the downside, because this might be a part of some more complex corrective cycle.
To confirm the top is in, the level of 140.90 must be broken.
Support/Resistance:
142.80 – 4 year’s high
142.63 – WR1
142.34 – Wave II Target
142.11 – Intraday Resistance
141.92 – Intraday Resistance
141.77 – Weekly Pivot
141.21 – Intraday Support
140.90 – Technical Support
140.73 – WS1
Trading recommendations:
For intraday scalpers: go long if 141.92 is broken with tight SL and TP1 @ 142.11 and TP2 @ 142.34.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 18/12/2013 08:30 CET
The corrective wave b purple has been finishead as anticipated and now last wave to the upside is developing.
The possible levels to complete this wave are 142.11 and 142.35.
Any breakout higher is bullish, but as long as the top @142.60 is not broken, the bias is to the downside, because this might be a part of some more complex corrective cycle.
To confirm the top is in, the level of 140.90 must be broken.
Support/Resistance:
142.80 – 4 year’s high
142.63 – WR1
142.34 – Wave II Target
142.11 – Intraday Resistance
141.92 – Intraday Resistance
141.77 – Weekly Pivot
141.21 – Intraday Support
140.90 – Technical Support
140.73 – WS1
Trading recommendations:
For intraday scalpers: go long if 141.92 is broken with tight SL and TP1 @ 142.11 and TP2 @ 142.34.
The material has been provided by InstaForex Company – www.instaforex.com
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