General overview for 12/03/2015 08:55 CET
The impulsive wave progression to the downside in the last wave 5 red looks like overextended. It means a sharp corrective counter-trend movement might happen soon. Any breakout above the intraday resistance at the level of 129.24 is the first clue that supports this view.
127.63 – Intraday Support
128.12 – WS2
129.10 – WS1
129.24 – Intraday Resistance
130.72 – Intraday Resistance
Daytraders should consider opening buy orders only if the level of 129.24 is clearly violated with H1 candle close above this level. SL orders should be placed below the level of 127.63 and TP orders should be placed at the level of 130.72.
The material has been provided by InstaForex Company – www.instaforex.com