General overview for 23/10/2014 12:00 CET
The complex corrective structure in wave -ii- blue looks to be completed and impulsive bullish breakout above the descending golden channel is the first confirmation that higher prices should be seen soon. The first target is at the level of 137.00 but even higher extension above this level is expected, up to the level of 137.93. On the other hand, any failure here on this key level would possibly lead to the test of the golden channel lower trend line before any impulsive wave progression will continue.
Support/Resistance:
137.86 - WR1
137.77 - 137.94 - Supply Zone
136.99 - Intraday Resistance
136.25 - Intraday Resistance|Key Level|
135.99 - Weekly Pivot
135.50 - Intraday Support
135.27 - WS1
134.11 - Swing Low
Trading recommendations:
Buying the dips advised yesterday was very profitable and now partial profit taking might take place at the current price levels. Swing traders should put SL below the level of 135.27 and wait for further impulsive wave progression to the upside.
The material has been provided by InstaForex Company - www.instaforex.com