General overview for 25/03/2015 09:50 CET
Wave (b) blue might be now completed, but the confirmation comes with the breakout of the level of 131.39. Now the market is heading straight into key resistance zone between the levels of 131.65 - 131.85 that should be used as a target for wave Y brown and the corrective cycle as a whole. Please note that any violation of the weekly pivot at the level of 129.75 is bearish and means that corrective cycle was finished sooner than expected.
Support/Resistance:
132.45 - 61%Fibo
132.13 - WR1
131.85 - Technical Resistance
131.65 - Intraday Resistance
131.39 - 50%Fibo
130.34 - Intraday Support
129.75 - Weekly Pivot
Trading recommendations:
Buy orders advised on Monday should be in profit and the TP orders should be set at the level of 131.65 with a possible extension upward to the level of 131.85. Please note the market can spike up to the TP zone very quickly and suddenly.
The material has been provided by InstaForex Company - www.instaforex.com
