The market is still in a range zone, but there is a possibility to count the recent wave progression as impulsive, as long as the key level is not broken. This scenario has been indicated on the chart as red impulsive alternate count that might be the first stage of bearish impulsive wave (iii) development. Nonetheless, any breakout higher above the key level means the wave (ii) green is still in progress, although in its last cycle.
Support/Resistance:
1.2250 – WR1
1.1096 – Weekly Pivot
1.1072 – Key Level | Red Impulsive Count Invalidation Line|
1.1042 – Intraday Support
1.1040 – WS1
1.1029 – 61%Fibo
Trading recommendations:
Sell limit orders should be opened from the level of 1.1072 with SL above the level of 1.1115 and TP at the level 1.1042 and 1.1005 with a possible downside extension.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 17/03/2014 11:30 CET
The market is still in a range zone, but there is a possibility to count the recent wave progression as impulsive, as long as the key level is not broken. This scenario has been indicated on the chart as red impulsive alternate count that might be the first stage of bearish impulsive wave (iii) development. Nonetheless, any breakout higher above the key level means the wave (ii) green is still in progress, although in its last cycle.
Support/Resistance:
1.2250 – WR1
1.1096 – Weekly Pivot
1.1072 – Key Level | Red Impulsive Count Invalidation Line|
1.1042 – Intraday Support
1.1040 – WS1
1.1029 – 61%Fibo
Trading recommendations:
Sell limit orders should be opened from the level of 1.1072 with SL above the level of 1.1115 and TP at the level 1.1042 and 1.1005 with a possible downside extension.
The material has been provided by InstaForex Company – www.instaforex.com
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