The Friday’s afternoon 100 pips rally in clear five wave structure was mostly retraced now. There is still a chance that upside continuation of the corrective cycle will be continued. This scenario is possible as long as the level of 1.0559 holds. This is a confluence level with lower technical channel line as well. The whole pattern would be an Ending Diagonal wave C green.
Any breakout below 1.0559 is bearish and lower prices will be seen.
Support/Resistance:
1.0709 – WR2
1.0667 – Technical Resistance
1.0644 – WR1
1.0607 – Intraday Resistance
1.0602 – Weekly Pivot
1.0559 – 1.0572 – Key Level
1.0534 – WS1
1.0509 – 1.0523 – Demand Zone
1.0493 – WS2
Trading recommendations:
Long positions should be in play as long as 1.0559 holds with SL just below it and possible TP at 1.0607 and 1.0623.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 16/12/2013 09:30 CET
The Friday’s afternoon 100 pips rally in clear five wave structure was mostly retraced now. There is still a chance that upside continuation of the corrective cycle will be continued. This scenario is possible as long as the level of 1.0559 holds. This is a confluence level with lower technical channel line as well. The whole pattern would be an Ending Diagonal wave C green.
Any breakout below 1.0559 is bearish and lower prices will be seen.
Support/Resistance:
1.0709 – WR2
1.0667 – Technical Resistance
1.0644 – WR1
1.0607 – Intraday Resistance
1.0602 – Weekly Pivot
1.0559 – 1.0572 – Key Level
1.0534 – WS1
1.0509 – 1.0523 – Demand Zone
1.0493 – WS2
Trading recommendations:
Long positions should be in play as long as 1.0559 holds with SL just below it and possible TP at 1.0607 and 1.0623.
The material has been provided by InstaForex Company – www.instaforex.com
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