General overview for 25/11/2014 09:20 CET
The corrective cycle labeled as wave W brown looks completed and the market has bounced from the level of the higher time frame support. So far, the wave progression inside the corrective cycle might be considered completed but there is still a chance that it will be more complex and time-consuming as the current wave progression will change into WXY complex structure. Only a new high above the level of 149.14 would neglect the possibility of another wave to the downside in the ongoing corrective cycle.
Support/Resistance:
149.14 - Swing High
148.50 - Intraday Resistance
147.98 - WR1
147.38 - Intraday Resistance
146.38 - Weekly Pivot
145.67 - Technical Support
145.84 - Intraday Support
Trading recommendations:
The level of 146.75 had been violated and now SL should be placed below the intraday support at the level of 145.58 and TP level in longer term should aim for the level of 147.98 and 149.14.
The material has been provided by InstaForex Company - www.instaforex.com
