The market is still hovering around the weekly pivot, and the direction has not been decided yet. Nevertheless, the bias is to the downside and as soon as the key level is violated, sell-off should occur. Only a breakout above the level of 1.0947 will invalidate this bearish count. First clue that the correction is completed is the level of 1.0872 breakout.
Support/Resistance:
1.0986 – WR1
1.0947 – Red Impulsive Count Invalidation Line
1.0925 – Intraday Resistance
1.0887 – Intraday Support
1.0898 – Weekly Pivot
1.0872 – Technical Support
1.0809 – WS1
Trading recommendations:
Daytraders might consider opening intraday short positions from the level of 1.0915 with SL above the level of 1.0948 and TP at the level of 1.0833.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 14/05/2014 08:00 CET
The market is still hovering around the weekly pivot, and the direction has not been decided yet. Nevertheless, the bias is to the downside and as soon as the key level is violated, sell-off should occur. Only a breakout above the level of 1.0947 will invalidate this bearish count. First clue that the correction is completed is the level of 1.0872 breakout.
Support/Resistance:
1.0986 – WR1
1.0947 – Red Impulsive Count Invalidation Line
1.0925 – Intraday Resistance
1.0887 – Intraday Support
1.0898 – Weekly Pivot
1.0872 – Technical Support
1.0809 – WS1
Trading recommendations:
Daytraders might consider opening intraday short positions from the level of 1.0915 with SL above the level of 1.0948 and TP at the level of 1.0833.
The material has been provided by InstaForex Company – www.instaforex.com
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