General overview for 05/03/2015 14:20 CET
On larger time frames like H4 we can see, that this market is still inside the well-defined range zone and according to Elliott wave theory, there is a possibility to count the first impulsive wave progression to the upside. The most important level for this impulsive wave count is the support at the level of 1.2378, because any breakout lower would invalidate the impulsive count and the corrective cycle will become more complex and time consuming. On the other hand, the market must break out above the level of 1.2565 in order to continue climbing higher.
Support/Resistance:
1.2378 - Technical Support|Invalidation Level|
1.2565 - Technical Resistance
1.2658 - Technical Resistance
Trading recommendations:
Daytraders and swingtraders should consider to open buy orders on current market levels, with SL below the level of 1.2378 and TP open for now.
The material has been provided by InstaForex Company - www.instaforex.com