General overview for 09/12/2014 11:40 CET
The price got back to the neutral/range area after breaking yesterday all the intraday support levels that supported the impulsive bullish count. So far, the golden trend line has been acting as a dynamic support and the market bounced a little from the area of 147.70. However, to gain more upside momentum and confirm further upward wave progression, the key level of 148.86 must be violated in impulsive fashion. Otherwise, the alternative wave labeling, suggesting and abc irregular flat corrective cycle, will be in play and further downside corrective wave development may be on the way.
Support/Resistance:
151.04 - WR1
149.76 - Technical Resistance
149.00 - Weekly Pivot
148.86 - Intraday Resistance|Key Level|
148.32 - WS1
147.68 - Intraday Support
147.37 - Green Impulsive Count Invalidation Level
146.34 - WS2
Trading recommendations:
The level of 147.37 is the most important intraday level now, and if it is violatednly only sell orders should be opened. SL orders should be placed above the level of 148.86 and TP orders should be placed at the level of 146.34 with a possible extension downward to the level of 145.70.
The material has been provided by InstaForex Company - www.instaforex.com
