General overview for 03/03/2015 09:40 CET
The recent wave development might be labeled in two different ways and both of them are bullish. The difference between them is the range of corrective wave c green of wave (ii) green. There is the key level for both counts at the level of 1.2474, because any violation of this level would invalidate the alternative count and made the corrective decline more deeper than it is now. Nevertheless, the wave progression looks pretty bullish so far and any breakout above weekly pivot at the level of 1.2515 and above the golden trend line is going to support a bullish view.
Support/Resistance:
1.2367 - WS1
1.2447 - Intraday Support
1.2474 - Intraday Support|Key Level|
1.2515 - Weekly Pivot
1.2564 - Intraday Resistance
1.2600 - Dynamic Trend Line Resistance
Trading recommendations:
Daytraders and swingtraders should consider opening buy orders from the current market levels with SL below the level of 1.2474 and TP open for now.
The material has been provided by InstaForex Company - www.instaforex.com
