General overview for 24/03/2015 10:35 CET
The corrective cycle to the upside has bounced off the wave b green support zone and now the market is heading straight into key resistance zone between the levels of 131.65 – 131.85. In the meantime the 50% Fibo at the level of 131.39 is providing the resistance as well. This is why an additional alternative count has been added to the overall development. Please notice there is a possibility of a rather sooncompletion of wave Y brown at the level of 131.39 and a possible market reversal. Nevertheless, this kind of wave progression is valid only if the weekly pivot at the level of 129.75 is violated.
132.45 – 61%Fibo
132.13 – WR1
131.85 – Technical Resistance
131.65 – Intraday Resistance
131.39 – 50%Fibo
130.49 – Intraday Support
129.75 – Weekly Pivot
Now, buy orders advised yesterday should be in profit and the TP orders should be set at the level of 131.65 with a possible extension upward to the level of 131.85.
The material has been provided by InstaForex Company – www.instaforex.com