General overview for 19/01/2015 10:50 CET
The corrective cycle in shape of the triangle formation in the corrective wave 4 green is in progress and now another wave down is being anticipated. This kind of a corrective structure might get complex and time consuming, so caution is advised. Only a sustained breakout below the intraday support at the level of 1.1802 invalidates the view.
Support/Resistance:
1.1802 - Intraday Support
1.1853 - WS1
1.1949 - Weekly Pivot
1.2001 - Intraday Resistance
1.2045 - Intraday High
1.2097 - WR1
Trading recommendations:
Daytraders and swingtraders should consider buying the dips in this corrective structure as long as the level of 1.1802 is not violated. SL should be placed below the level of 1.1799 and TP at the level of 1.2100 with a possible upside extension.
The material has been provided by InstaForex Company - www.instaforex.com