General overview for 29/12/2014 09:20 CET
The market stays inside of the tight trading range between the levels of 147.13 - 146.44 marked by the Christmas time and end of the year low liquidity, including profit taking price behavior as well. The golden intraday trend line has been touched 5 times and the last touch was from the downside, what can indicate a lower prices to come. Nevertheless, the market is currently trading close to the weekly pivot at the level of 146.54 and only a breakout below the intraday support at the level of 146.44 would be a valid range violation and market should follow through to test the lower price supports at the level of 145.98 and 145.70. On the other hand, only a clear string impulsive breakout above the intraday resistance at the level of 147.13 would be a valid range breakout, that should be targeting the level of 148.22. Please notice that as long as the level of 144.97 is not broken, the mid-term and longer-term bias is to the upside.
Support/Resistance:
149.76 - Technical Resistance|Swing High|
148.35 - WR3
148.22 - Technical Resistance
147.74 - WR2
147.17 - WR1
147.13 - Intraday Resistance
146.54 - Weekly Pivot
146.44 - Intraday Support
145.92 - WS1
145.70 - Technical Support
145.39 - WS2
144.97 - Technical Support|Swing Low|
144.82 - WS3
Trading recommendations:
From a trading point of view there is no real change, and as I'd mentioned it before: as long as the golden trend line is not broken, the bias is bullish, and traders should consider opening buy orders only. The SL orders still should be placed below the 146.44 level, and TP orders should be placed at the level of 148.23. Please notice that the end of the year liquidity is low and the market moves might get very sharp and sudden in either direction.
The material has been provided by InstaForex Company - www.instaforex.com
