General overview for 10/11/2014 09:35 CET
The corrective cycle displayed by blue wave 4 is developing into a complex correction. The first support is at the level of 141.66, but it might be easily broken if the last wave of the correction accelerates to the downside. In that case, next support would be at the level of 140.79. When the corrective cycle is completed, another wave to the upside is expected.
144.59 – WR1
144.22 – Technical Resistance
142.91 – Intraday Resistance
142.50 – Weekly Pivot
142.19 – Intraday Support
141.66 – Intraday Support
140.79 – WS1
138.62 – WS2
Day traders should consider opening buy orders from the level of 141.66, with SL below the level of 141.36 and TP at the level of 142.91.
The material has been provided by InstaForex Company – www.instaforex.com