General overview for 23/02/2015 10:55 CET
There are two equally possible scenarios on this pair right now and the key level at 1.2545 will play a crucial role in determining further wave development. First scenario (main) suggests a complex corrective structure in progress, labeled as WXYXX brown so far, the second labeling is tracing the alternative scenario of a possible (a)(b)(c)(d)(e) blue triangle pattern in wave 4. In the present moment, it is rather hard to say which one of the scenarios has a bigger probability, but due to the larger time frame trend, the bias is still bullish until proven otherwise.
1.2699 – WR2
1.2658 – 1.2694 – Supply Zone
1.2631 – WR1
1.2548 – Dynamic Golden Trend Line Resistance
1.2545 – Intraday Support
1.2496 – Weekly Pivot
As long as the level of 1.2545 is not violated, daytraders should consider opening buy orders only with SL below the level of 1.2545 and TP at the level of 1.2631 – 1.2658.
The material has been provided by InstaForex Company – www.instaforex.com