General overview for 13/03/2015 09:20 CET
The corrective cycle to the upside started yesterday as anticipated. To continue with the upside wave progression, the price must break out above the intraday resistance at the level of 129.24 and head to the next resistance level of 130.72. In case of any failure here, the market will develop a more complex and time-consuming wave b green before bouncing to the upside.
127.63 – Intraday Support
128.12 – WS2
129.10 – WS1
129.24 – Intraday Resistance
130.72 – Intraday Resistance
Because the market is in the corrective cycle that takes some time to fully develop, daytraders should still 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