General overview for 14/02/2014 08:15 CET
The corrective cycle is getting more complex and each wave inside the price range between the levels of 138.66 - 140.05 is starting to look like a triangle formation. Because there is one more wave to the downside needed in order to complete the corrective cycle, lower prices are expected. The key to the downside is weekly pivot level breakout and then intraday support level breakout as well. Without that kind of a price action, more range play is expected in wave b green with a possible downside breakout. The target for this scenario would be at the level of 137.98.
Support/Resistance:
140.28 - Swing High
140.05 - Intraday Resistance
138.87 - Weekly Pivot
138.66 - Intraday Support
137.98 - WS1
Trading recommendations:
As long as the level of 140.05 provides the resistance, short positions should be opened with SL above the level of 140.29 and TP at the level of 138.87 and 138.66. Possible downside extension.
The material has been provided by InstaForex Company - www.instaforex.com
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