The lack of the impulsive wave development to the upside after supposed bottom for wave 4 purple has been fount doesn’t look good for the main count. Moreover, market has not been able to break out above 137.50 level as well. Currently, the price starts to making lower highs and the test of the level of 136.21 is in view again. Breakout below of this level directly exposes the invalidation line at the level of 135.44. As long as this will not happen, the price stays in corrective cycle range zone.
Support/Resistance:
137.50 – Intraday Resistance
136.21 – Intraday Support
135.87 – WS1
135.44 – Invalidation Line
Trading recommendations:
As long as price stays within the corrective cycle price zone there is no good entry. Trade the breakout of the range in either direction.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 05/02/2014 09:00 CET
The lack of the impulsive wave development to the upside after supposed bottom for wave 4 purple has been fount doesn’t look good for the main count. Moreover, market has not been able to break out above 137.50 level as well. Currently, the price starts to making lower highs and the test of the level of 136.21 is in view again. Breakout below of this level directly exposes the invalidation line at the level of 135.44. As long as this will not happen, the price stays in corrective cycle range zone.
Support/Resistance:
137.50 – Intraday Resistance
136.21 – Intraday Support
135.87 – WS1
135.44 – Invalidation Line
Trading recommendations:
As long as price stays within the corrective cycle price zone there is no good entry. Trade the breakout of the range in either direction.
The material has been provided by InstaForex Company – www.instaforex.com
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