General overview for 25/02/2015 13:00 CET
This market still trades inside the neutral zone and around the weekly pivot at the level of 1.2496. The consolidation takes a little longer than anticipated, but the bias is still bullish and the market should violate the upper golden channel line soon. Please, notice that currently the market is making wave b purple and this could take much more time than a usual corrective cycle.
137.25 – 137.64 – Projected Target Zone
136.90 – WR1
135.58 – Intraday Resistance
135.21 – Weekly Pivot
134.43 – Intraday Support
134.21 – WS1
133.55 – Intraday Support
The market is still trading inside the range zone, but 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. Patience, please.
The material has been provided by InstaForex Company – www.instaforex.com