General overview for 21/05/2015 08:05 CET
On the H4 time frame we can see that complex corrective structure has been completed and now the market is trying to rally after breaking descending golden trend line. First three waves have been done and currently the corrective structure in wave -iv- blue is in progress. The invalidation line for the overall impulsive count is at the level of 1.2066.
1.2256 – Intraday Resistance
1.2167 – Intraday Support
1.2127 – WR1
1.2066 – Invalidation Line
Daytraders and swingtraders should still consider buying on the dips on this market as there is an uncompleted impulsive structure to the upside. For swingtraders the SL should be placed below the level of 1.2066. Please notice that this corrective structure might evolve into more complex and time-consuming structure so patience is advised.
The material has been provided by InstaForex Company – www.instaforex.com