General overview for 16/03/2015 08:10 CET
The five wave impulsive development to the downside was completed, and the market is trying to make a corrective cycle to the upside. The first resistance comes at the level of 129.03 and a breakout above this level will be very important for further market moves, but the price will still stay inside the yellow range zone. Only a sustained breakout above the level of 131.87 would change the technical picture. On the other hand, any failure at the level of 129.03 might result in another test of the lows.
Support/Resistance:
126.89 - Intraday Support
128.41 - Weekly Pivot
129.03 - Intraday Resistance
129.90 - WR1
130.69 - Intraday Resistance
131.59 - 50%Fibo
131.87 - Intraday Resistance
132.45 - 61%Fibo
Trading recommendations:
Daytraders should consider opening buy orders only if the level of 129.03 is clearly violated with a minimum H1 closure above this level. SL should be placed below the level of 126.89 and TP should be placed at the level of 130.69 with a possible extension upward to the level of 131.87.
The material has been provided by InstaForex Company - www.instaforex.com
