General overview for 27/02/2015 10:00 CET
The Elliott wave sccenario was relabeled as the general projections of the wave development turned out to be slightly different than anticipated. Currently, the whole structure that had been developing inside the golden channel was labeled as a triple-three corrective cycle wave XX brown and one more sub-wave down is expected here before the market will bounce and reverse to the upside. The key level for this bullish scenario is the intraday resistance at the level of 134.43 and any breakout higher is bullish.
Support/Resistance:
137.25 - 137.64 - Projected Target Zone
136.90 - WR1
135.21 - Weekly Pivot
134.43 - Intraday Resistance|Key Level|
134.21 - WS1
134.00 - Intraday Resistance
133.54 - Intraday Support
132.56 - WS2
Trading recommendations:
Daytraders should consider opening sell orders only if the level of 133.54 is violated with SL above the level of 134.00 ant TP at the level of 132.56. Please, notice the wave XX is about to complete and a bounce/reversal is quite possible in this market.
The material has been provided by InstaForex Company - www.instaforex.com