General overview for 24/09/2014 08:30 CET
The anticipated yesterday triangle pattern in wave -iv- hasn't been made, but the general scheme of the corrective cycle has been met and price has made yet another high. The whole five wave structure has been labeled as red wave 1. So, now the market should develop a corrective red wave 2. The first level of support for this cycle is at the level of 1.1048 and it is expected from the market to rebound from this level and made another high. Support/Resistance:
1.1097 - Swing High|Technical Resistance|
1.1082 - Intraday Resistance
1.1065 - WR1
1.1048 - Intraday Support
1.0979 - Weekly Pivot |Key Level| Trading recommendations:
The buy positions from Monday should still be kept open, with SL moved to the level of 1.1048 and TP still at the level of 1.1097.
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