General overview for 20/03/2015 06:25 CET
The market has come down just as anticipated yesterday and is currently in the process of making wave X brown to the downside. In the mean time, the market is trading in quite tight daily range between the levels of 129.52 - 128.24. The current best count might even suggest the wave X brown might had been completed, but to confirm this assumption, the price must break out higher above the intraday resistance at the level of 129.52. Please notice that if the intraday support at the level of 128.24 is violated, the next support is the swing lower at the level of 126.89.
Support/Resistance:
133.33 - WR2
132.45 - 61%Fib
131.84 - Technical Resistance
131.66 - Intraday Resistance
131.39 - 50%
129.90 - WR1
129.52 - Intraday Resistance
128.41 - Weekly Pivot
128.24 - Intraday Support
Trading recommendations:
Daytraders might consider to open buy orders from current price levels with SL below the level of 128.24 and then add to the buy orders if the level of 129.52 is broken with H1 candle close above it. TP for both types of orders should be placed first at the level of 130.50, and then at the level of 131.66.
The material has been provided by InstaForex Company - www.instaforex.com
