General overview for 11/02/2014 09:30 CET
The triangle pattern has been invalidated as the market violated the upper triangle line and went straight up to hit 61% Fibonacci of the last swing retrenchment. Currently this supply zone between the levels of 1.2626 - 1.2642 is the key area for bears, as any breakout higher is very bullish. On the other hand, please notice that the overall corrective cycle is getting rather complex now and choppy trading conditions should be expected.
Support/Resistance:
1.2797 - Swing High
1.2732 - WR1
1.2642 - Intraday Resistance
1.2626 - 1.2642 - Supply Zone
1.2567 - Intraday Support
1.2543 - Weekly Pivot
1.2350 - Technical Support|Key Level|
1.2314 - WS1
1.2122 - WS2
Trading recommendations:
Daytraders should consider opening sell orders from the current price levels with SL above the level of 1.2642. Any breakout above this level is bullish and the nearest target would be at the level of 1.2732.
The material has been provided by InstaForex Company - www.instaforex.com
