General overview for 26/11/2014 08:20 CET
The corrective cycle inside the wave (ii) or b green is still in progress and two key levels have been marked on the chart. The upper key level is the most important for bears as any violation of it would lead to more intraday gains with the projected targets at the levels of 147.98 and 149.14. On the other hand, the breakout below the lower key level would be the most important for bulls, because it might lead to corrective cycle extension down to the levels of 145.58 before any meaningful bounce/resumption will happen.
Support/Resistance:
149.14 - Swing High
148.50 - Intraday Resistance
147.98 - WR1
147.38 - Intraday Resistance
146.30 - Intraday Support
146.38 - Weekly Pivot
145.67 - Technical Support
145.84 - Intraday Support
Trading recommendations:
The SL for the opened buy trade recommended at the beginning of the week should be placed below the intraday support at the level of 146.30 and TP level in longer term should aim for the level of 147.98 and 149.14.
The material has been provided by InstaForex Company - www.instaforex.com
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