General overview for 03/11/2014 10:45 CET
Only three waves are taking place right now and another push to the upside is being expected when the corrective cycle is completed. The current anticipated pattern for this correction is a triangle pattern with support level at weekly pivot at the level of 1.1251. Please notice that the level of 1.1330 is expected to be violated and the current target is at the level of 1.1384. Only a sustained breakout below the level of 1.1163 would make downward intraday trend to continue and test the level of 1.1121.
Support/Resistance:
1.1121 - Swing Low
1.1170 - WS1
1.1251 - Weekly Pivot
1.1263 - Intraday Support
1.1330 - Intraday Resistance
1.1380 - WR1
1.1384 - Swing High
Trading recommendations:
All buy orders advised last week should still be kept open and any breakout above the level of 1.1330 provides another opportunity to add to existing buy orders. Sl should be moved just below the level of 1.1162.
The material has been provided by InstaForex Company - www.instaforex.com