General overview for 14/10/2014 12:55 CET
Yesterday’s intraday resistance at the level of 136.55 has held the rally and the market has reversed from this resistance level and made new low. This is why the count has been slightly changed to extend the last wave Z brown a little more to the downside before the bounce in Wave B black will begin. Please notice the building bullish divergence on awesome oscillator that supports the view, that this market is about to rebound.
134.62 – WS1
135.08 – Intraday Support
135.54 – Intraday Resistance
136.30 – Weekly Pivot
136.55 – Technical Resistance
136.96 – WR1
136.93 – Technical Resistance
Yesterday’s advise to buy only if the level of 136.55 is clearly broken, worked as planned as the market wasn’t strong enough to breakout above it, so the only reasonable way to trade was to open a short order. Currently more selling pressure is expected as well and the intraday target is at the level of 134.62.
The material has been provided by InstaForex Company – www.instaforex.com