General outlook for 20/11/2014 10:30 CET
The corrective cycle is still in progress but there are first clues that the downtrend might resume soon to complete the remaining waves in the downward cycle. Only a clear breakout above the level of 1.1394 would invalidate the current bearish outlook and put the recent swing highs into the test.
Support/Resistance:
1.1120 - Wave 4 Blue Low
1.1173 - WS2
1.1224 - WS1
1.1265 - Technical Support
1.1308 - Intraday Support
1.1311 - Weekly Pivot
1.1369 - Intraday Resistance
1.1394 - Blue Impulsive Count Invalidation Line
Trading recommendations:
Day traders should keep the opened sell orders with SL just above the level of 1.1394 and TP at the level of 1.1220.
The material has been provided by InstaForex Company - www.instaforex.com
