General overview for 06/03/2015 09:00 CET
Yesterday's news driven price action has been very violate and the intraday resistance level had been briefly violated before the market reversed to the downside. This kind of price action confirms very choppy and overlapping wave development in the ongoing corrective cycle in wave X brown. The market trades close to the weekly pivot support at the level of 131.96 and a bounce from this area is expected as the upward wave progression has not been completed yet. Please notice the building bullish divergence between the price and momentum oscillator, that supports the view that the bounce/reversal from the current levels is due soon.
Support/Resistance:
131.98 - WS2
132.11 - Intraday Support
132.77 - WS1
133.59 - Intrday Resistance
134.22 - Weekly Pivot
Trading recommendations:
Daytraders and swingtraders should consider opening buy orders on the current price levels with SL below the level of 132.11 and TP open for now.
The material has been provided by InstaForex Company - www.instaforex.com
