General overview for 27/02/2015 10:16 CET
The alternate scenario suggesting an (a)(b)(c)(d)(e) blue triangle pattern might just have been completed and the yesterday’s rally might be the first wave upward in shape of the leading diagonal. To confirm this kind of wave progression, the market cannot break below the level of 1.2885 (invalidation level) and it should bounce and reverse at the intraday support at the level of 1.2454. Any violation of this level would lead to the recent low test and possible invalidation of the bullish impulsive scenario.
1.2349 – Technical Support
1.2454 – Intraday Support
1.2435 – WS1
1.2496 – Weekly Pivot
1.2531 – Intraday Resistance
Yesterday’s buy orders hit the TP level. Currently, the long side of the market should be considered with SL below the level of 1.2454 and TP at the level of 1.2531 with a possible upward extension.
The material has been provided by InstaForex Company – www.instaforex.com