General overview for 03/02/2015 09:20 CET
The market is still moving inside the range between the levels of 132.38 - 134.33, and only an impulsive breakout above one of these levels would give more clues about further price development. Nevertheless, the bias is slightly bullish because the corrective wave progression does not look completed just yet and it is quite possible, that the wave (c) blue to the upside will be made sooner or later. The current corrective structure in wave (b) blue looks like a triangle pattern but it can change into even more complex and time-consuming cycle. Please watch the mentioned levels and trade accordingly.
Support/Resistance:
137.64 - Technical Resistance
136.58 - WR2
134.59 - WR1
134.33 - Intraday Resistance
132.37 - Intraday Support
130.39 - WS1
Trading recommendations:
Because the market is still in the range zone, my recommendations are still the same as yesterday: daytraders should consider opening a buy stop orders from the level of 134.35 with SL below the level of 134.31 and TP at the level of 136.05 with a possible extension to the level of 137.64 later on.
The material has been provided by InstaForex Company - www.instaforex.com
