General overview for 02/04/2015 09:40 CET
The anticipated last sub-wave down was made, but it was rather short-lived and did not reach the indicated target level. Nevertheless, there are two Elliott wave counts that indicate a possible wave X brown completion now and further gains in this pair. The key level of intraday resistance at 129.43 had been violated but made no hourly close yet. Moreover, in case of any further break out, the black dashed channel line might get broken and that will be another confirmation of possible uptrend resumption. On the other hand, only a new low below the level of 128.44 would invalidated this scenario and evolve into more complex corrective structure.
Support/Resistance:
126.89 - Swing Low
127.55 - WS2
128.44 - WS1
128.60 - Intraday Support
129.43 - Intraday Resistance
130.02 - Weekly Pivot
130.39 - Intraday Resistance
Trading recommendations:
Sell orders from yesterday should be closed with profit and currently daytraders should consider opening buy orders only if there is an hourly close above the level of 129.43 with very tight SL (20-30 pips max) and TP at the level of 130.39.
The material has been provided by InstaForex Company - www.instaforex.com
