General overview for 23/03/2015 09:00 CET
The current wave development follows the anticipated path. The corrective cycle in wave X brown looks completed now, the next cycle is to finish the wave Y brown to the upside. The market is currently trading around the weekly pivot at the level of 129.75 and the wave b green might be completed at this level. Nevertheless, the upward wave progression might happen only if the top of the wave a green is violated in an impulsive fashion. A lack of this kind of price action will indicate even more complex and time-consuming wave X brown.
Support/Resistance:
126.89 - Swing Low
127.78 - WS1
128.26 - Intraday Support
129.51 - Intraday Support
129.75 - Weekly Pivot
130.67 - Intraday Resistance
131.59 - 50%Fibo
131.64 - Intraday Resistance
131.84 - Technical Resistance
Trading recommendations:
Daytraders should consider opening buy positions only if the top of the wave a green is violated in an impulsive fashion. Otherwise, the market might still be making wave X brown.
The material has been provided by InstaForex Company - www.instaforex.com
