General overview for 19/02/2015 10:15 CET
The weekly pivot has been tested and violated a little, but the market decided to bounce and reverse to the upside so far. This downside wave progression had been labeled as wave (b) blue, so now there is only one more wave to the upside left, wave (c) blue, to complete the overall corrective cycle in wave 4 black. When the correction is completed, market should reverse to the downside and make another lower low.
137.74 – Technical Resistance
136.71 – WR1
136.21 – Intraday Resistance
135.07 – Intraday Support
135.20 – Weekly Pivot
Daytraders should keep the buy orders from yesterday with TP at the level of 136.71 with possible extension upward to the level of 137.64.
The material has been provided by InstaForex Company – www.instaforex.com