General overview for 20/05/2015 08:50 CET
As anticipated yesterday, the market has made a wave -iv- blue to the upside and now it is continuing to develop full impulsive structure to the downside where wave -v- is missing. The target for wave five, after breaking the intraday support at the level of 133.92, is at the level of 133.45 and a bounce is expected from this level to develop wave 2 corrective structure. Nevertheless, the bias is still bearish and more downside is expected. The line in the sand for bulls is at the level of 133.10 as any breakout lower means that the short-term top is in place.
133.45 – Technical Support
133.92 – Intraday Support
134.87 – WS1
All sell orders from the beginning of the week should be still kept open as the market approaches the important levels. The TP for this orders should be placed at the level of 133.45.
The material has been provided by InstaForex Company – www.instaforex.com