General overview for 15/12/2014 09:20 CET
This pair is still in the corrective sub-cycle that was labeled on the chart as wave -ii- black. The intraday range is currently growing from the level of 148.24 to the level of 146.42 and only a clear violation of any of these levels could provide more clues about further wave progression. Please notice that the bias is still to the upside as there are missing impulsive waves, however, the current gains are being limited by the golden trend line resistance that is successfully capping any upward attempts.
Support/Resistance:
1149.79 - Swing High
149.20 - WR1
148.24 - Intraday Resistance
147.82 - Weekly Pivot
146.42 - Intraday Support
145.84 - WS1
145.70 - Technical Support
Trading recommendations:
Larger time frame trends are still bullish and so is the mid-term outlook for this pair, so buying the dips is the way to trade this pair. SL for swing traders should be placed below the level of 145.70, TP should be placed at the level of 151.16.
The material has been provided by InstaForex Company - www.instaforex.com