General overview for 18/02/2015 10:20 CET
The wave (a) blue developed exactly as anticipated, and now intraday corrective cycle in wave (b) blue is in progress. This cycle might develop in different pattern, but when it is completed, another high should be made in this market. Notice that the projected target is at the level of 137.64 and a reversal is expected from this zone.
Support/Resistance:
137.74 - Technical Resistance
136.71 - WR1
136.35 - Intraday Resistance
135.46 - Intraday Support
135.20 - Weekly Pivot
Trading recommendations:
Daytraders should consider opening buy orders from the current price levels with SL below the level of 135.45 and TP at the level of 136.71 with possible extension upward to the level of 137.64.
The material has been provided by InstaForex Company - www.instaforex.com