General overview for 05/11/2014 09:40 CET
The wave progression is developing as anticipated with the price making new higher highs. The projected target level of daily chart is the price zone between the levels of 1.1548 - 1.1590. Please notice that this target might be extended even higher to the level of 1.1650 before any meaningful corrective cycle takes place.
Support/Resistance:
1.1650 - Long Term Target
1.1548 - 1.1590 - Mid-Term Target
1.1462 - WR2
1.1425 - Intraday Support
1.1384 - Technical Support
1.1380 - WR1
Trading recommendations:
All buy orders advised last week should still be kept open and SL should be moved just below the level of 1.1425. 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
