General overview for 01/12/2104 08:20 CET
The corrective cycle in the shape of abc green zig-zag might have been completed and the higher degree corrective wave X brown might have been completed as well. This would mean, the market should continue to trade lower now and the support levels should be now violated as the internal intraday bearish corrective cycle in wave Y brown resumes to the downside. The minimum target zone is between the levels of 144.54 144.74, but the downside correction might extend even lower.
Support/Resistance:
149.11 - WR1
148.09 - Intraday Resistance
147.40 - Intraday Support
147.34 - Weekly Pivot
146.65 - WS1
145.68 - Technical Support
144.89 - WS2
144.54 - 144.74 - minimum target level
Trading recommendations:
Traders should consider selling this pair from the current market levels with SL above the level of 148.10 and TP at the level of 144.77.
The material has been provided by InstaForex Company - www.instaforex.com
