After the five waves decline is done, the market is trying to fill the weekend gap. The key level to the upside now is at the level of 140.44 and more decline is being expected when this level is hit. The next important support for the price would be weekly pivot at the level of 139.87. If this level is broken, then market will test the golden trend line. Please notice that because wave a green is in five waves, the decline might still develop in five impulsive waves.
Support/Resistance:
137.58 – WS2
138.14 – 61%Fibo
138.66 – WS1
138.80 – Wave (a) low
139.13 – Intraday support
139.87 – Weekly pivot
140.04 – 140.44 – Gap | Key Level |
140.95 – WR1
Trading recommendations:
Sell limit orders should be opened at the level of 140.44 with SL above the level of 141.21 and TP at the level of 138.57.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 04/04/2013 09:40 CET
After the five waves decline is done, the market is trying to fill the weekend gap. The key level to the upside now is at the level of 140.44 and more decline is being expected when this level is hit. The next important support for the price would be weekly pivot at the level of 139.87. If this level is broken, then market will test the golden trend line. Please notice that because wave a green is in five waves, the decline might still develop in five impulsive waves.
Support/Resistance:
137.58 – WS2
138.14 – 61%Fibo
138.66 – WS1
138.80 – Wave (a) low
139.13 – Intraday support
139.87 – Weekly pivot
140.04 – 140.44 – Gap | Key Level |
140.95 – WR1
Trading recommendations:
Sell limit orders should be opened at the level of 140.44 with SL above the level of 141.21 and TP at the level of 138.57.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: