General overview for 23/02/2015 10:35 CET
The projected target level market as an orange rectangle on the Friday’s chart has been hit, but there is no downward continuation afterwards. This kind of market behavior may lead to a conclusion that the complex corrective cycle in shape of triple three pattern has not been completed yet, and I’m still waiting for the last wave to the upside to unfold. This last wave will be labeled as wave Y brown. The projected target level for this wave is the zone between the levels of 137.25 – 137.64. A reversal is expected after the target area is hit as the overall corrective cycle in wave 4 black should now be completed.
137.25 – 137.64 – Projected Target Zone
136.90 – WR1
135.88 – Intraday Resistance
135.21 – Weekly Pivot
134.21 – WS1
133.55 – Intraday Support
Daytraders should consider opening buy orders only when the level of 135.88 is violated with relatively tight SL (20-30 pips) and TP at the level of 137.25 – 137.64.
The material has been provided by InstaForex Company – www.instaforex.com