General overview for 24/11/2014 08:35 CET
The impulsive wave development to the downside is accelerating as the wave -iii- blue has been completed. Currently, the internal corrective cycle in wave -iv- blue is needed to complete before another leg down will appear. The invalidation line for wave -iv- blue is at the level of 1.1260 and if it is violated, then it will be the first indication, that the whole structure inside the golden channel is really a complex corrective pattern full of zig-zags and not an impulsive wave progression. Moreover, the top for wave 5 blue at the level of 1.1465 might be just a temporary swing high before new highs are made.
Support/Resistance:
1.1148 - WS2
1.1190 - Intraday Support
1.1224 - WS1
1.1251 - Intraday Resistance
1.1258 - Weekly Pivot
1.1260 - Blue Impulsive Count Invalidation Line
1.1326 - WR1
Trading recommendations:
Day traders should consider opening buy orders only if the level of 1.1260 is violated. SL then should be placed below the swing low and TP level in longer term should aim for the level of 1.1370 and 1.1465.
The material has been provided by InstaForex Company - www.instaforex.com