General overview for 12/09/2104 14:30 CET
The wave progression is developing as per yesterday's h4 time frame chart. The projected target for wave (v) of the impassive leg is at the level of 139.26 as per older charts. The price is loosing its momentum and there is a clear bearish divergence building an awesome oscillator indicator. So, this could be another clue that the overall upward correction might be close to completion. Please keep an eye on price behavior at the projected target level as any impassive reversal is the first confirmation for the swing top in place.
Support/Resistance:
139.26 - Projected Target
139.06 - WR2
138.42 - Intraday Support
138.26 - Technical Support
137.41 - WR1
Trading recommendations:
The current price levels are not the very best levels to open buy positions and bulls should consider exiting the long traders and watch the level of 139.26 for more clues of the further price direction.
The material has been provided by InstaForex Company - www.instaforex.com