General overview for 25/11/2014 09:00 CET
As the main impulsive count has been invalidated when wave -iv- overlapped wave -i-, the only valid bearish scenario now is a Leading Diagonal possibility. This structure is possible as long as the level of 1.1368 is not violated. However, if this level is violated, then the alternative count is in play, indicating more bullish bias as the corrective cycle in wave 2 purple could be completed.
1.1437 – WR2
1.1368 – Key Level
1.1326 – WR1
1.1310 – Intraday Resistance
1.1276 – Intraday Support
1.1258 – Weekly Pivot
1.1224 – WS1
The level of 1.1260 had been violated and now SL should be placed below the intraday support at the level of 1.1276 and TP level in longer term should aim for the level of 1.1370 and 1.1465.
The material has been provided by InstaForex Company – www.instaforex.com