General overview for 30/12/2014 10:00 CET
Despite making new local high yesterday, the market still stays inside the intraday trading range between the levels of 1.1558 - 1.1665. Nevertheless, the last wave to the downside is still being expected here to complete the overall complex and time consuming corrective cycle in wave 4 purple. The projected target is at the level of 1.1558. Please notice that any breakout above the level of 1.1665 is bullish and further high prices should be expected.
Support/Resistance:
1.1712 - WR2
1.1670 - WR1
1.1650 - Intraday Resistance
1.1623 - Weekly Pivot
1.1588 - Intraday Support
1.1581 - WS1
1.1558 - Technical Support
1.1535 - WS2
1.1500 - Invalidation Level
Trading recommendations:
Yesterday's buy stop orders from the level of 1.1633 should be still kept open. The SL orders should be placed below the level of 1.1588 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.
The material has been provided by InstaForex Company - www.instaforex.com
