General overview for 19/03/2015 CET
The anticipated last wave of corrective cycle to the upside was done. It is labeled as wave (c) blue. The entire corrective structure was labeled as wave W brown. Currently, it looks like the pair is making the wave X brown of more complex corrective cycle to the upside. The black dashed channel should provide some support right at the level of 129.14. On the other hand, the intraday and technical resistances at the levels of 131.66 and 131.86 should provide a nice cap for the price at least for the period of wave X brown development.
Support/Resistance:
133.33 - WR2
132.45 - 61%Fib
131.84 - Technical Resistance
131.66 - Intraday Resistance
131.39 - 50%
129.90 - WR1
129.14 - Intraday Support
128.41 - Weekly Pivot
Trading recommendations:
The buy orders advised yesterday should be all closed in profit now. Congrats for those who trade it!
For today, it will be quite relevant for daytraders to keep an eye on the level of 129.14 for any possible breakout to the downside or bounce. Please, notice that "easy money" on this pair has been already made and now, the trading conditions might get choppy and full of whipsaws as wave X brown develops.
The material has been provided by InstaForex Company - www.instaforex.com
