General overview for 11/11/2014 11:30 CET
The current situation on this pair is not clear for both bulls and bears due to equally possible labeling that have a slightly different outlook. The key level however is still the green count invalidation line at the level of 1.1220. As long as the currency pair is trading above this level, another upward leg is still possible. Please notice that the price is not testing the red trend line from the downside and any failure here might be a first clue the top is really in place as per main count. Otherwise, any breakout higher would mean that the last wave (v) green is in progress and new highs can be made.
1.1464 – Swing High| Wave 5 Blue Top?|
1.1446 – Intraday Resistance
1.1426 – WR1
1.1369 – Intraday Support
1.1344 – Weekly Pivot
1.1310 – Intraday Support
1.1263 – Technical Support| Previous Wave Four Support|
1.1222 – WS1
Day traders should consider opening buy positions if the level of intraday support is not broken (with SL just below 1.1368), targeting new highs in this pair. Swing traders should consider closing longer-term buy orders if the level of 1.1220 is violated.
The material has been provided by InstaForex Company – www.instaforex.com