General overview for 24/12/2014 08:10 CET
The golden trend line is still being respected by the market. After making an intraday double (or even triple) top formation, the price has fallen just to slightly bounce from the dynamic trend line support. The daily range is getting very tight right now, the price is consolidating just above the weekly pivot and the market is almost ready for the Christmas break and liquidity dries up. Nevertheless, there are some first indications that the current wave development is trying to break out to the upside, but first, the important resistance at the level of 147.11 must be violated in a clear, impulsive fashion.
Support/Resistance:
149.77 - Swing High
149.63 - WR2
148.23 - Bullish Zone Level
147.74 - WR1
147.11 - Intraday Resistance
146.34 - Weekly Pivot
145.70 - Technical Support
144.98 - Intraday Support
Trading recommendations:
As long as the golden trend line is not broken the bias is bullish and traders should consider opening buy orders only. Still the SL orders should be placed below the 146.34 level and TP orders should be placed at the level of 148.23. Please notice the liquidity is getting low and the market moves might get very sharp and sudden in either direction.
The material has been provided by InstaForex Company - www.instaforex.com
