General overview for 08/12/2014 08:40 CET
As anticipated the whole last week, the market has made another high and the current wave developing looks impulsive. The key level for this count to remain on the upside track is at the level of 148.08, because any violation of this level will invalidate the bullish impulsive outlook. As long as this level is providing support, bullish wave progression should occur, targeting first the level of 151.00 and then 151.70.
Support/Resistance:
151.70 - WR2
151.00 - WR1
149.77 - Intraday Resistance
149.00 - Weekly Pivot
148.92 - Intraday Support
148.50 - Intraday Support
148.32 - WS1
148.08 - Intraday Support|Key Level|
Trading recommendations:
The day traders should consider opening buy orders at the current market levels with SL below the level of 148.91 ant TP at the level of 149.77 and beyond.
The material has been provided by InstaForex Company - www.instaforex.com