General overview for 11/11/2014 11:11 CET
There is not enough evidence to assume the recent wave development is a completed corrective cycle in blue wave 4. Now, the new impulsive wave to the upside has started. The reason is that the corrective cycle can still be labeled as a more complex and time-consuming cycle in the shape in an irregular flat correction (alternative labeling). Only a clear breakout above the level of 144.22 would put this possibility into question.
Support/Resistance:
44.59 - WR1
144.22 - Technical Resistance
142.91 - Intraday Resistance
142.50 - Weekly Pivot
142.19 - Intraday Support
141.66 - Intraday Support
140.79 - WS1
138.62 - WS2
Trading recommendations:
Yesterday buy orders have not been triggered and now the outlook is still uncertain, so traders should refrain from trading until clear pattern emerge.
The material has been provided by InstaForex Company - www.instaforex.com
