General overview 26/12/2014 10:20 CET
The market moves are currently very limited as the last wave down in complex corrective cycle is in progression. The preferred count favors one more wave to the downside to complete the triangle pattern and then an impulsive rally to the upside, targeting the levels 1.1672 and then 1.1733. Only a breakout below the level of 1.1500 would invalidate this scenario. Please notice that the mid- and longer-term bias are bullish, and new highs are expected.
1.1733 – WR2
1.1672 – WR1
1.1645 – Intraday Resistance
1.1610 – Weekly Pivot
1.1558 – Intraday Support
1.1546 – WS1
1.1500 – Technical Support
The corrective cycle in wave Y brown has not been completed yet as there is one more wave missing to the downside. The Traders should consider opening only buy stop orders from the level of 1.1631 with SL below the level of 1.1558 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.
The material has been provided by InstaForex Company – www.instaforex.com