The corrective structure looks almost completed and the level mentioned yesterday was hit. Currentlyб the count has been a little changed in favor of descending triple three complex correction in wave (iv) green and price is about to test weekly pivot at the level of 142.31. Please notice that if this level is broken, then the next support is at the level 141.46. The key level for bulls right now is at 142.82 and any breakout above this level is the first clue that last wave to the upside is in progress.
Support/Resistance:
143.78 – Swing high
142.84 – Intraday resistance | Key level |
142.40 – Intraday support
142.31 – Weekly pivot
141.46 – Technical support
141.11 – Technical support
140.89 – WS1
Trading recommendations:
Sell stop orders should be opened from the level of 141.29 with SL above the level of 142.82 and TP at the level of 141.46 with possible downside extension to the level of 141.11.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 12/03/2014 08:15 CET
The corrective structure looks almost completed and the level mentioned yesterday was hit. Currentlyб the count has been a little changed in favor of descending triple three complex correction in wave (iv) green and price is about to test weekly pivot at the level of 142.31. Please notice that if this level is broken, then the next support is at the level 141.46. The key level for bulls right now is at 142.82 and any breakout above this level is the first clue that last wave to the upside is in progress.
Support/Resistance:
143.78 – Swing high
142.84 – Intraday resistance | Key level |
142.40 – Intraday support
142.31 – Weekly pivot
141.46 – Technical support
141.11 – Technical support
140.89 – WS1
Trading recommendations:
Sell stop orders should be opened from the level of 141.29 with SL above the level of 142.82 and TP at the level of 141.46 with possible downside extension to the level of 141.11.
The material has been provided by InstaForex Company – www.instaforex.com
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