General overview for 19/09/2014 10:00 CET
As anticipated yesterday only a valid breakout below the intraday support at the level of 1.0925 would invalidate the current count, but the market bounced right back up to the intraday resistance at the level of 1.0963. The bullish count is still intact and traders need to wait for the market to breakout of the current trading range to confirm one of the counts.
Support/Resistance:
1.1097 - Swing Top
1.1037 - Weekly Pivot
1.1027 - Technical Resistance
1.0978 - WS1
1.0963 - Intraday Resistance
1.0924 - Intraday Support|Key Level|
Trading recommendations:
As long as the demand zone is not broken, the mid-term bias is still bullish so buying the dips in this pair is advised.
Day traders should consider opening the sell stop order from the level of 1.0922 with SL above the level of 1.0963 and TP at the level of 1.0838.
The material has been provided by InstaForex Company - www.instaforex.com