General overview for 19/11/2014 07:50 CET
This pair keeps going up, making only a small corrections on the way up and widening the divergence between the momentum oscillator and the price. Still, the most preferred count is a large, irregular flat corrective abc green wave, that might target even the level of 143.30 ( if wave c green is extended). The first confirmation comes with breakout of the 145.72 level to the downside and another test of the weekly pivot at the level of 145.02. When the technical support at the level of 144.77 is violated as well, then the next target would be lower, at the level of 143.30. If this count is correct, then the wave c green down should be sudden, sharp and clearly impulsive.
Support/Resistance:
148.01 - WR1
146.54 - Wave 1 High
145.72 - Intraday Support
145.02 - Weekly Pivot
144.77 - Technical Support
Trading recommendations:
Only the breakout below the level o f 146.31 is a valid signal to open sell positions again with the reasonable SL level (preferably above the latest intraday high). The TP should be placed at the level of 144.77 and the longer term TP at the level of 143.30.
The material has been provided by InstaForex Company - www.instaforex.com
