General overview for 25/02/2015 12:40 CET
The long-term scenario was relabeled and updated. The first most important conclusion is that the market has not completed the upward wave progression and there are some waves missing so far. This means the larger-term outlook is still bullish for this pair until the wave development is finished.
Currently the market is in wave (4) corrective cycle and it should resume the rally when the correction is completed. According to the intraday wave progression, there is only wave (e) blue of wave (4) black missing to complete the triangle pattern. If, however, this pattern is invalidated (breakout below the technical support at the level of 1.2349), the alternate corrective scenario is in play.
1.2349 – Technical Support
1.2420 – Intraday Support
1.2435 – WS1
1.2477 – Intraday Resistance
1.2496 – Weekly Pivot
The buy orders from yesterday hit the anticipated TP level, and the market sharply reversed to the downside. Currently, after the intraday sell-off the buy zone is preferred again with SL bellow the level of 1.2349.
The material has been provided by InstaForex Company – www.instaforex.com