General overview for 26/03/2015 10:10 CET
The wave (b) blue turned out to be a little more complex than anticipated. The golden channel line bounced the wave progression back on track, suggesting more gains in this pair to come. The first resistance is the 50% Fibo at the level of 131.39 and then intraday resistance at the level of 131.65. Please notice, the impulsive wave progression in wave (c) blue might even get extended up to the level of 132.44 before any meaningful profit taking would take place.
Support/Resistance:
132.45 - 61%Fibo
132.13 - WR1
131.85 - Technical Resistance
131.65 - Intraday Resistance
131.39 - 50%Fibo
130.16 - Intraday Support
129.75 - Weekly Pivot
Trading recommendations:
Daytraders should consider opening buy orders from the current price levels with SL below the level of 130.15 and TP at the level of 131.39, with a possible extension up to the level of 132.44 later in the week.
The material has been provided by InstaForex Company - www.instaforex.com
