The five wave impulsive progression to the downside from wave 2 green high has been finished and market is in the corrective cycle of lower degree correction. The target for now is the key level area between the levels of 1.1120 – 1.1128. Any breakout above the zone means that the alternate count might be in play, but the invalidation of the main count comes with the level of 1.1152 violation. Nevertheless, if the key level zone holds, then impulsive decline is anticipated and first clue that the move to the downside will be continued comes with intraday support breakout below the level of 1.1086.
Support/Resistance:
1.1171 – WR1
1.1151 – Technical resistance
1.1120 – 1.1128 – Key level
1.1086 – Intraday support
1.1062 – Weekly pivot
1.1008 – WS1
Trading recommendations:
Sell limit orders should be opened from the level of 1.1120 with SL above the level of 1.1131 and TP at the level of 1.1052 with a possible downside extension to the level of 1.0008.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 14/03/2014 09:00 CET
The five wave impulsive progression to the downside from wave 2 green high has been finished and market is in the corrective cycle of lower degree correction. The target for now is the key level area between the levels of 1.1120 – 1.1128. Any breakout above the zone means that the alternate count might be in play, but the invalidation of the main count comes with the level of 1.1152 violation. Nevertheless, if the key level zone holds, then impulsive decline is anticipated and first clue that the move to the downside will be continued comes with intraday support breakout below the level of 1.1086.
Support/Resistance:
1.1171 – WR1
1.1151 – Technical resistance
1.1120 – 1.1128 – Key level
1.1086 – Intraday support
1.1062 – Weekly pivot
1.1008 – WS1
Trading recommendations:
Sell limit orders should be opened from the level of 1.1120 with SL above the level of 1.1131 and TP at the level of 1.1052 with a possible downside extension to the level of 1.0008.
The material has been provided by InstaForex Company – www.instaforex.com
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