The market behaves as anticipated, developing the corrective cycle to the upside. This cycle has not been finished yet and there is more to come soon. The main target for the wave c green is the key level of technical resistance at the level of 139.87. Please notice that the wave 2 black might not just finish there, as this might be only the wave (a) blue of the more complex and time-consuming structure.
Support/Resistance:
140.63 – WR3
139.97 – WR2
139.86 – Key Level
139.48 – WR1
139.12 – Intraday Resistance
138.81 – Weekly Pivot
138.58 – Intraday Support
138.31 – WS1
138.14 – Swing Low
Trading recommendations:
Daytraders should consider opening buy stop positions if the level of 139.13 is broken, with SL below the level of 138.79 and TP at the level of 139.48 with a possible extension upwards to the level of 139.86.
Swing traders should wait for the correction to complete before shorting the market again.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 26/05/2014 10:30 CET
The market behaves as anticipated, developing the corrective cycle to the upside. This cycle has not been finished yet and there is more to come soon. The main target for the wave c green is the key level of technical resistance at the level of 139.87. Please notice that the wave 2 black might not just finish there, as this might be only the wave (a) blue of the more complex and time-consuming structure.
Support/Resistance:
140.63 – WR3
139.97 – WR2
139.86 – Key Level
139.48 – WR1
139.12 – Intraday Resistance
138.81 – Weekly Pivot
138.58 – Intraday Support
138.31 – WS1
138.14 – Swing Low
Trading recommendations:
Daytraders should consider opening buy stop positions if the level of 139.13 is broken, with SL below the level of 138.79 and TP at the level of 139.48 with a possible extension upwards to the level of 139.86.
Swing traders should wait for the correction to complete before shorting the market again.
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