General overview for 05/11/2014 10:00 CET
The five impulsive waves to the upside that were a part of bigger wave 3 blue has been completed and the price has hit the larger time frame supply zone (daily chart). Currently, a corrective cycle is needed and the first support levels are intraday support at the level of 142.55 and technical support at the level of 141.69. The current pattern of the corrective cycle is unknown but it is very possible that wave 4 blue will be in the shape of a triangle formation.
143.78 – 143.47 – Supply Zone
143.67 – WR1
142.55 – Intraday Support
141.69 – Technical Support
141.36 – Technical Support
The advised buy orders should still be in play but the SL level should be moved just below the level of 143.00. The TP level has not been hit yet (20 pips miss), but is it still possible that it will be hit later today.
The material has been provided by InstaForex Company – www.instaforex.com