General overview for 10/04/2015 12:22 CET
The Elliott wave development on the H4 time frame indicates a completed (a)(b)(c) corrective structure in wave 4 green and a beginning of an impulsive progression to the upside. On lower time frames (like H1), the first impulsive wave might look completed and a corrective sub-cycle should start soon as the price would hit the 61% Fibonacci at the level of 1.2631. Please notice that the grey rectangle is bullish.
Support/Resistance:
1.2535 - Weekly Pivot
1.2568 - Intraday Support
1.2631 - 61%Fibo
1.2636 - 1.2655 - Demand Breakthrough Zone
1.2643 - WR1
1.2698 - 78%Fibo
Trading recommendations:
Buy orders advised over this week should still be kept open as the price is just under the key level. Any breakout higher might lead to the first TP level at 1.2782 and above.
The material has been provided by InstaForex Company - www.instaforex.com
