General overview for 19/02/2015 10:35 CET
The wave development on this pair is getting more and more complex and time-consuming. The price action is full of whipsaws and false breakouts. The intraday golden channel is now the key structure to keep an eye on, because any breakout higher or lower will have a critical consequences on market behavior. Any upside breakout above the intraday resistance at the level of 1.2489 is bullish and even the black mid-term trend line might be tested. On the other hand, a downward breakout below the golden channel might result in technical support violation at the level of 1.2349 and the projected target level for wave Y brown might be hit.
Support/Resistance:
1.2783 - WR2
1.2590 - WR1
1.2506 - Weekly Pivot
1.2489 - Intraday Resistance
1.2359 - Intraday Support
1.2348 - Technical Support
1.2250 - 1.2231 - Projected Target Zone
Trading recommendations:
Daytraders should wait for the market breakout in either direction and refrain from trading until a breakout happens.
The material has been provided by InstaForex Company - www.instaforex.com