General overview for 27/03/2015 08:30 CET
There is one more sub-wave missing here in the hourly chart to complete the decline in the price and time wave c green of wave (b) blue. The market should finally bounce from the intraday support at the level of 129.28. If there is no reaction at this level, it might mean the alternative count is in play and the top for the level Y brown would be set at the level of 131.50.
Support/Resistance:
132.45 - 61%Fibo
132.13 - WR1
131.85 - Technical Resistance
131.15 - Intraday Resistance
131.39 - 50%Fibo
129.75 - Weekly Pivot
129.28 - Intraday Support
127.78 - WS1
Trading recommendations:
Short orders from yesterday were closed with the minimal lose after SL was hit (that's what it is for anyway) and with today's wave progression the outlook would be still more bearish than bullish. This might change only with the intraday resistance break out above the level of 131.15.
The material has been provided by InstaForex Company - www.instaforex.com
