General Overview for 21/05/2014 07:40 CET
The wave structure is developing the way it was anticipated with current small cycle in a potential wave (iv) green still being capped by the supply zone between the levels of 1.0917 - 1.0925. There is still a possibility of triangle structure in wave (iv) green, where waves a, b and c are now completed and two more waves are missing here: d and e green. Only a clear breakout above the supply zone would invalidate the triangle idea.
Support/Resistance:
1.0917 - 1.0925 - Supply Zone
1.0917 - Intraday Resistance
1.0897 - WR1
1.0890 - Intraday Support
1.0874 - Weekly Pivot
Trading recommendations:
Daytraders should open short positions as close as possible to the level of 1.0917 with SL above the level of 1.0931 and TP at the level of 1.0890 and 1.0870.
The material has been provided by InstaForex Company - www.instaforex.com
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