General overview for 12/01/2015 09:50 CET
The wave progression on the larger time frame looks completed after the price hit the 61% Fibonacci level and currently is trying to bounce to the upside in order to initiate a new impulsive wave progression. To do this, the market must break above the intraday resistance at the level of 140.55 and above the golden trend line. The final confirmation comes with the level of 141.64 violation in impulsive fashion and neutral range breakout. Please notice the bullish divergence (marked in orange arrows) on momentum oscillator supports the view.
Support/Resistance:
140.00 - Intraday Support|61%Fibo Support|
140.55 - Intraday Resistance
141.31 - Weekly Pivot
141.68 - Intraday Resistance
142.44 - WR1
Trading recommendations:
Swingtraders: sell orders should be closed as the support has been found and trends resumption might be underway.
Daytraders: buy stop orders should be placed from the level of 140.60 with SL below the level of 140.00 and TP at the level of 141.68.
The material has been provided by InstaForex Company - www.instaforex.com