General overview for 21/05/2015 08:30 CET
The corrective structure in wave -iv- blue is getting more complex and time-consuming than it was supposed previously. However, sooner or later the market will make another move to the downside and the wave -v- will unfold. The projected target levels are still the same with the first target at the level of 133.45. Please notice that only a sustained breakout above the intraday resistance at the level of 135.30 would invalidate this bearish count. On the other hand, any breakout below the level of 133.09 (thick red line) means the near-term top at the level of 136.95 was established.
133.45 – Technical Support
133.92 – Intraday Support
134.87 – WS1
The corrective cycle is about to be completed and sell orders from the beginning of the week should be still kept open as the market approaches the important levels. The TP for sell orders should be placed at the level of 133.45, SL to the level of 134.87.
The material has been provided by InstaForex Company – www.instaforex.com