The correction looks finished as the target zone has almost been hit but the current wave progression does not allow to definitely start the impulsive downside development. There is still a possibility of more complex and time-consuming correction in the shape of alternate green labeling on the chart. However, any breakout below the intraday support at the level of 141.27 is more bearish than bullish and it is the first clue the wave 2 red correction is competed.
Support/Resistance:
142.50 – WR1
142.47 – Swing High
141.72 – Technical Resistance
141.94 – Target Level #2
141.79 – Target Level #1
141.74 – Weekly Pivot
141.63 – Intraday Resistance
141.26 – Intraday Support
141.12 – Swing Low
140.96 – 141.06 – Supply Breakthrough Zone
Trading recommendations:
Sell stop levels from yesterday should still be kept open. The first target is at the level of 140.96.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 06/05/2014 07:40 CET
The correction looks finished as the target zone has almost been hit but the current wave progression does not allow to definitely start the impulsive downside development. There is still a possibility of more complex and time-consuming correction in the shape of alternate green labeling on the chart. However, any breakout below the intraday support at the level of 141.27 is more bearish than bullish and it is the first clue the wave 2 red correction is competed.
Support/Resistance:
142.50 – WR1
142.47 – Swing High
141.72 – Technical Resistance
141.94 – Target Level #2
141.79 – Target Level #1
141.74 – Weekly Pivot
141.63 – Intraday Resistance
141.26 – Intraday Support
141.12 – Swing Low
140.96 – 141.06 – Supply Breakthrough Zone
Trading recommendations:
Sell stop levels from yesterday should still be kept open. The first target is at the level of 140.96.
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