General overview for 04/10/2014 08:30 CET
After making a triangle pattern in wave -iv- black the market broke the yesterday's resistance and made a new high, just shy of the previous swing high at the level of 1.1384. The five impulsive waves are now completed and a corrective sub-cycle is being expected now. The intraday support at the level of 1.1330 should provide a good base for a bounce and trend continuation. The bias is bullish and any violation of the level of 1.1384 is the first confirmation of higher prices to come soon.
Support/Resistance:
1.1462 - WR2
1.1384 - Swing High
1.1380 - WR1
1.1375 - Intraday Resistance
1.1330 - Intraday Support
Trading recommendations:
All buy orders advised last week should still be kept open and any breakout above the level of 1.1384 provides another opportunity to add to existing buy orders. SL should be moved just below the level of 1.1251. First projected TP is at the level of 1.1462, it might be hit at the end of the week.
The material has been provided by InstaForex Company - www.instaforex.com
