General overview for 12/05/2015 07:50 CET
The market is still trading below the golden trend-line resistance and the trading range is getting narrower. So, the breakout is due soon. The main count still shows a potential for one more wave to the downside to be made ( wave (c) blue), but the alternative count indicates the opposite if the market breaks the supply zone between the levels of 1.2186 and 1.2203.
Support/Resistance:
1.1938 - Swing Low
1.1964 - WS1
1.2043 - Intraday Support
1.2073 - Weekly Pivot
1.2161 - Intraday Resistance
1.2189 - 1.2203 - Supply Zone
1.2206 - WR1
Trading recommendations:
As long as the market is below the golden trend-line resistance, the daytraders should consider opening sell orders with SL above the level of 1.2162 and TP at the level of 1.2043 with a possible extension downward. However, any breakout above the golden trend line will produce an opportunity to open a buy trade with tight SL and TP at the level of 1.2203.
