General overview for 19/03/2015 CET
The anticipated wave c green to the downside has finally occurred and even has went further, lower than the indicated support level. Nevertheless, the corrective cycle looks completed and now the market can make two possible wave progressions:
- The first possibility is the completion of abc green corrective cycle in wave 2 green and an impulsive breakout above the key level at 1.2732 in order to make a fresh high. This possibility will be invalidated if the level of 1.2388 is violated (on the H1 chart).
- The second possibility is the continuation of a much more larger and complex corrective cycle in wave 4 green in form of a triangle pattern or any other complex pattern (on the H4 chart).
Support/Resistance:
1.2388 - Invalidation Level
1.2416 - WS3
1.2447 - Intraday Support
1.2495 - WS2
1.2508 - Intraday Support
1.2597 - Intraday Support
1.2668 - WS1
1.2732 - Intraday Resistance|Key Level|
1.2746 - Weekly Pivot
Trading recommendations:
The sell orders advised yesterday should all be 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 1.2732 for any possible breakout to the downside or bounce. Please, notice that "easy money" on this pair has been already made and now, trading conditions might get choppy and full of whipsaws as wave 4 green develops.
The material has been provided by InstaForex Company - www.instaforex.com
