General overview for 04/03/2013 10:00 CET
The five wave decline might have ended sooner than expected and the price has bounced up from the level of 50% Fibo at 1.1049. Nevertheless, the golden descending trend line still provides the dynamic resistance, and I expect that wave a green will finish somewhere around this level, ideally at the level of 1.1135 and intraday downtrend will resume. Only a sustained break out above the technical resistance at the level of 1.1156 would put this count into question and might even invalidate it.
Support/Resistance:
1.0895 - WS3
1.0967 - WS2
1.0969 - 78%Fibo
1.1016 - 1.1027 Supply breakthrough zone
1.1016 - WS1
1.1038 - Intraday support
1.1081 - Intraday resistance
1.1087 - Weekly pivot
1.1135 - WR1 | Key Level |
1.1156 - Technical resistance
Trading recommendations:
Sell limit orders should be opened at the level of 1.1134 with SL above the level of 1.1161 and TP at the level of 1.0914.
The material has been provided by InstaForex Company - www.instaforex.com
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