General overview for 12/05/2015 07:50 CET
The market is still trading below the golden trend-line resistance and the trading range is getting narrower. So, the breakout is due soon. The main count still shows a potential for one more wave to the downside to be made ( wave (c) blue), but the alternative count indicates the opposite if the market breaks the supply zone between the levels of 1.2186 and 1.2203.
1.1938 – Swing Low
1.1964 – WS1
1.2043 – Intraday Support
1.2073 – Weekly Pivot
1.2161 – Intraday Resistance
1.2189 – 1.2203 – Supply Zone
1.2206 – WR1
As long as the market is below the golden trend-line resistance, the daytraders should consider opening sell orders with SL above the level of 1.2162 and TP at the level of 1.2043 with a possible extension downward. However, any breakout above the golden trend line will produce an opportunity to open a buy trade with tight SL and TP at the level of 1.2203.
The material has been provided by InstaForex Company – www.instaforex.com