The count has been a little adjusted due to slightly different development than expected, but still the upside correction is being anticipated very soon: the downward momentum is decreasing and a multiple bullish divergence is presented on the hourly chart. . The first confirmation of a corrective cycle to start is an impulsive breakout above the level of 139.00 (intraday resistance) and the golden trendline breakout. Please notice that the breakout above weekly pivot is the key resistance breakout to confirm the corrective cycle is in progress.
Support/Resistance:
138.54 – Intraday Support
139.00 – Intraday Resistance
139.45 – Weekly Pivot
139.87 – Technical Resistance
140.09 – WR1
Trading recommendations:
Daytraders should consider opening small long positions from current price levels with SL below the level of 138.49 and TP at the level of 139.44 with a possible upward extension.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 21/05/2014 08:05 CET
The count has been a little adjusted due to slightly different development than expected, but still the upside correction is being anticipated very soon: the downward momentum is decreasing and a multiple bullish divergence is presented on the hourly chart. . The first confirmation of a corrective cycle to start is an impulsive breakout above the level of 139.00 (intraday resistance) and the golden trendline breakout. Please notice that the breakout above weekly pivot is the key resistance breakout to confirm the corrective cycle is in progress.
Support/Resistance:
138.54 – Intraday Support
139.00 – Intraday Resistance
139.45 – Weekly Pivot
139.87 – Technical Resistance
140.09 – WR1
Trading recommendations:
Daytraders should consider opening small long positions from current price levels with SL below the level of 138.49 and TP at the level of 139.44 with a possible upward extension.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: