General overview for 29/09/2014 09:00 CET
The market is developing in the anticipated way, still making higher highs as the impulsive wave progression has not been finished yet. The recent swing high at the level of 1.1177 has been labeled as wave -iii- top, so now this pair is in the corrective cycle wave -iv-. This means one more wave to the upside is still missing and when correction is done this wave will materialize. Please notice, that any violation of the level of 1.1126 will invalidate blue bullish impulsive count.
Support/Resistance:
1.1175 - Swing High
1.1148 - Intraday Support
1.1125 - Blue Impulsive Count Invalidation Line
1.1100 - Weekly Pivot
1.1082 - Red Impulsive Count Invalidation Line
1.1035 - WS1
Trading recommendations:
Swing traders and day traders should consider moving the trailing stop loss orders for all buy positions just below the level of 1.1125 in case the corrective cycle will be more complex and deeper in retracement.
The material has been provided by InstaForex Company - www.instaforex.com