On H4 time frame we can still see the golden ascending price channel that keeps the price action in the range. The breakout is needed here to confirm the farther market move. For the bears, the most important level is the invalidation line at the level of 140.21 because violation of this level will invalidate the bullish wave progression. For the bulls the most important level is the technical resistance at the level of 142.21 because violation of this level will make the recent highs available for test or breakout.
Support/Resistance:
143.78 – Swing High
142.52 – WR1
142.21 – Technical Resistance
141.47 – Weekly Pivot
140.21 – Invalidation Line
139.37 – WS1
Trading recommendations:
Wait for a clear breakout of one of the levels mentioned above.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 20/03/2014 12:00 CET
On H4 time frame we can still see the golden ascending price channel that keeps the price action in the range. The breakout is needed here to confirm the farther market move. For the bears, the most important level is the invalidation line at the level of 140.21 because violation of this level will invalidate the bullish wave progression. For the bulls the most important level is the technical resistance at the level of 142.21 because violation of this level will make the recent highs available for test or breakout.
Support/Resistance:
143.78 – Swing High
142.52 – WR1
142.21 – Technical Resistance
141.47 – Weekly Pivot
140.21 – Invalidation Line
139.37 – WS1
Trading recommendations:
Wait for a clear breakout of one of the levels mentioned above.
The material has been provided by InstaForex Company – www.instaforex.com
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