General overview for 09/04/2015 08:30 CET
The corrective cycle in wave (b) is deepening its retracement below the 61%Fibo level. The next key support is likely to be found at the level of 78% Fibonacci at 129.42. Nevertheless, any breakout below this level might result in a recent local low test again at the level of 128.40 followed with eventual bounce/reversal. Please notice that the market is moving in clear corrective channel now. It must break out of the channel to continue impulsive wave progression for wave (c) blue.
Support/Resistance:
128.40 - Swing Low
129.03 - 78%Fibo
129.74 - Intraday Resistance
Trading recommendations:
Daytraders should consider opening buy positions from the level of 129.03 with SL below the level of 128.40 and TP open for now.
The material has been provided by InstaForex Company - www.instaforex.com
