General overview for 24/03/2015 10:55 CET
The current Elliott wave labeling might get invalidated if the price violates the level of 1.2448. This will mean the impulsive wave development to the upside is invalidated and the market is likely to create a more complex and time-consuming corrective structure in wave 4 green. Please notice that the outlook remains bearish as long as the golden trendline is not violated.
1.2833 – Swing High
1.2765 – WR1
1.2698 – 1.2720 – Demand Breakthrough Zone
1.2607 – Weekly Pivot
1.2540 – Intraday Resistance
1.2448 – Intraday Support|Invalidation Level|
Yesterday’s buy orders did not made any profit, so it would be wise to refrain from trading and wait for more interesting wave developments.
The material has been provided by InstaForex Company – www.instaforex.com