General overview for 18/03/2015 09:20 CET
As anticipated from the beginning of the week wave c green to the upside had been made. But please notice that it might get extended to the upside even more. The intraday resistance at the level of 129.03 had been violated as well, but no H1 close occurred so far above this level. Currently, the market is hovering around the weekly pivot at the level of 128.41 and it is possibly waiting for important Fed's news later today. Please notice that the corrective cycle might get even more complex now and this had been indicated by labeling the top of the wave c green as wave (a) blue.
Support/Resistance:
126.89 - Technical Support
129.07 - Intraday Support
128.41 - Weekly Pivot
129.03 - Intraday Resistance
129.90 - WR1
130.69 - Intraday Resistance
131.59 - 50%Fibo
131.87 - Intraday Resistance
132.45 - 61%Fibo
Trading recommendations:
Daytraders should consider opening buy orders only if the level of 129.03 is clearly violated with a minimum H1 closure above this level. SL should be placed below the level of 126.89 and TP should be placed at the level of 130.69 with a possible extension upward to the level of 131.87.
The material has been provided by InstaForex Company - www.instaforex.com
