General overview for 29/05/2015 07:45 CET
A corrective cycle has been extended to the upside a little bit, but overall wave progression is still indicating an uncompleted downward cycle labeled as wave c purple on the chart. Two first target levels are already projected: the first one is the intraday support at the level of 1.2395 and the second one is grey rectangle area between the levels of 1.2356 – 1.2376. Any breakout lower would mean that the technical support at the level of 1.2312 will be tested.
1.2546 – WR2
1.2458 – WR1
1.2395 – Intraday Support
1.2356 – 1.2376 – Support Zone
1.2312 – Technical Support
Daytraders should consider opening sell orders only is the intraday support at the level of 1.2359 is violated. The SL orders should be placed very tight (20-30 pips) and TP orders should be placed at the level of 1.2321.
The material has been provided by InstaForex Company – www.instaforex.com