General overview for 02/09/2014 10:50 CET
There are two possible wave developments that can happen on this market and the key level seems to be the intraday resistance at the level of 1.0926. Any breakout higher favours the main count, that indicates a bullish impulsive wave progression that will make the old swing high at the first target and then will try to break even higher. The alternative count indicates more time-consuming corrective green wave 2. A little more of downside development might happen if the level of 1.0926 is not broken. The target level for green wave C of green wave 2 as well as the possible end of the alternative corrective cycle is projected at the level of 1.0740 - 1.0726.
Support/Resistance:
1.0995 - Swing High
1.0965 - WR1
1.0926 - Intraday Resistance | Key Level |
1.0887 - Weekly Pivot
1.0792 - Technical Support
1.0784 - WS1
1.0740 - 1.0726 - Projected Target Zone
Trading recommendations:
All traders who had opened buy positions should keep an eye on the level of 1.0926: breakout higher is bullish and a failure here is bearish.
The material has been provided by InstaForex Company - www.instaforex.com