General overview for 24/02/2015 09:05 CET
The pair is still trading inside the range zone between the levels of 133.55 – 135.88 and it looks like the wave b purple might have been completed. This means the market should try to break out above the intraday resistance at the level of 135.88 in impulsive fashion and head towards the projected target zone (orange rectangle). Only a sustained breakout below the intraday support at the level of 133.55 would invalidate this view.
137.25 – 137.64 – Projected Target Zone
136.90 – WR1
135.88 – Intraday Resistance
135.21 – Weekly Pivot
134.43 – Intraday Support
134.21 – WS1
133.55 – Intraday Support
The yesterday’s advise is still valid: 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. Please, notice that the wave b purple might get more complex and time consuming, so it is safer to wait for an impulsive breakout above the level of 135.88 to trade it.
The material has been provided by InstaForex Company – www.instaforex.com