The first of the target zones, marked as yellow rectangle on the chart, has been reached yesterday. The price retraced slightly then and currently is trying to reach the upper target zone, makred as orange rectangle on the chart. This zone is the final target area for wave v black of wave 5 green and it lies between the levels of 1.0871 – 1.0887. The market is trading within the upsloping golden channel and a breakout of the channel, below the intraday support level of 1.0817 would mean, that the corrective cycle wave iv black has not been finished yed and the correction will be more complex and time consuming. On the other hand, breakout above the WR3 level at 1.0841 is bullish and traders should expect the target zone to be hit in near future.
Support/Resistance:
1.0887 – 1.0871 – Target Zone #2
1.0841 – WR3
1.0817 – Intraday Support
1.0788 – Intraday Support
Trading recommendations:В
For intraday scalpers: if the level of 1.0842 is broken, then long side of the market should be in play with SL below the level of 1.0817 and TP at the level of 1.0871.
The material has been provided by InstaForex Company – www.instaforex.com
В General overview for 09/01/2014 11:30 CET
The first of the target zones, marked as yellow rectangle on the chart, has been reached yesterday. The price retraced slightly then and currently is trying to reach the upper target zone, makred as orange rectangle on the chart. This zone is the final target area for wave v black of wave 5 green and it lies between the levels of 1.0871 – 1.0887. The market is trading within the upsloping golden channel and a breakout of the channel, below the intraday support level of 1.0817 would mean, that the corrective cycle wave iv black has not been finished yed and the correction will be more complex and time consuming. On the other hand, breakout above the WR3 level at 1.0841 is bullish and traders should expect the target zone to be hit in near future.
Support/Resistance:
1.0887 – 1.0871 – Target Zone #2
1.0841 – WR3
1.0817 – Intraday Support
1.0788 – Intraday Support
Trading recommendations:В
For intraday scalpers: if the level of 1.0842 is broken, then long side of the market should be in play with SL below the level of 1.0817 and TP at the level of 1.0871.
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