General overview for 12/02/2015 10:05 CET
The current wave progression might be completed if we take into account the recent spike down to the intraday support at the level of 134.71. Nevertheless, to confirm this, the market must break below the golden trend line lower channel line and impulsively continue lower violating the weekly pivot and weekly pivot support at the level of 133.11. Please remember that this is a corrective wave 4 and there is one more wave to the downside expected that goes below the low of the wave 3 eventually.
137.64 – Technical Resistance| Wave 4 Projected Target|
137.27 – WR2
136.68 – Intraday Resistance
134.71 – Intraday Support
134.21 – Weekly Pivot
133.11 – WS1
Any breakout below the level of 134.71 is bearish and daytraders should consider opening sell orders only. Please set the SL rather tight (20-30 pips) and TP at the level of 134.21 and 133.11.
The material has been provided by InstaForex Company – www.instaforex.com