General overview for 18/08/2014 10:00 CET
The corrective cycle in red wave 4 has been finished. Now, the market should rebound higher and make last five impulsive waves to the upside. Please, notice that to confirm this point of view the price mustn't violate the level of 1.0857. Otherwise, the impulsive count is invalidated and the market would be in a more complex and time-consuming corrective cycle.
Support/Resistance:
1.0785 - WS2
1.0826 - WS1
1.0857 - Impulsive Count Invalidation Line
1.0873 - Intraday Support
1.0901 - Weekly Pivot
1.0917 - Intraday Resistance
1.0942 - WR1
1.0951 - Key Level for Bears
1.0985 - Swing High
Trading recommendations:
Day traders and swing traders should consider opening BUY orders form the current price levels with SL below the level of 1.0857 and TP above the level of 1.0985.
The material has been provided by InstaForex Company - www.instaforex.com