General overview for 04/11/2015 07:50 CET
The current corrective wave development looks incomplete. The price action inside the golden channel is clearly corrective in nature. Moreover, the corrective cycle needs one more push lower to complete the wave c green and therefore wave X brown.
1.2954 – WS1
1.3038 – Intraday Support
1.3115 – Weekly Pivot
1.3165 – Intraday Resistnace
Day traders should consider opening sell orders only if the intraday support at the level of 1.3038 is clearly violated. SL should be placed tight (15-20 pips) and TP should be placed at the level of 1.2954.
The material has been provided by InstaForex Company – www.instaforex.com