General overview for 06/05/2015 11:50 CET
The corrective cycle to the downside looks like a typical zig-zag pattern that completed the downside move at the level of 78% Fibo and now might be ready to reverse higher. The intraday support at the level of 1.2003 should provide enough strength for a bounce, but the real hurdle is at the intraday resistance at the level of 1.2086. Only a sustained, impulsive breakout above this level will be considered as the beginning of a new impulsive wave to the upside.
1.1943 – Swing Low
1.9999 – 78%Fibo
1.2003 – Intraday Support
1.2086 – Intraday Resistance
1.2115 – Weekly Pivot
Daytraders should consider opening buy orders from the current market levels with SL below the level of 1.1999 and TP at the level of 1.2086 with a possible extension higher to the level of 1.2130.
The material has been provided by InstaForex Company – www.instaforex.com