General overview for 24/11/2014 09:10 CET
After finding support at the level of 145.59 which is a higher time frame important level, the corrective cycle labeled here as wave W brown looks to be completed. Now, the market is trying to resume the impulsive rally to the upside. The golden trend line is still providing dynamic resistance and only a clear breakout above the key level at the mark of 146.75 might indicate the market will try to test the recent swing high at the level of 149.14. Otherwise, a failure here would mean, the corrective cycle will be more complex and time-consuming.
149.14 – Swing High
147.98 – WR1
146.75 – Intraday Resistance|Key Level|
146.38 – Weekly Pivot
145.67 – Technical Support
145.59 – Intraday Support
144.70 – Old Wave Four Low
143.68 – WS1
142.08 – WS2
Day traders should consider opening buy orders only if the level of 146.75 is violated. SL then should be placed below the level of 145.59 and TP level in longer term should aim for the level of 147.98 and 149.14.
The material has been provided by InstaForex Company – www.instaforex.com