General overview for 25/02/2015 13:00 CET
This market still trades inside the neutral zone and around the weekly pivot at the level of 1.2496. The consolidation takes a little longer than anticipated, but the bias is still bullish and the market should violate the upper golden channel line soon. Please, notice that currently the market is making wave b purple and this could take much more time than a usual corrective cycle.
Support/Resistance:
137.25 - 137.64 - Projected Target Zone
136.90 - WR1
135.58 - Intraday Resistance
135.21 - Weekly Pivot
134.43 - Intraday Support
134.21 - WS1
133.55 - Intraday Support
Trading recommendations:
The market is still trading inside the range zone, but daytraders should consider opening buy orders only when the level of 135.88 is violated with relatively tight SL (20-30 pips) and TP at the level of 137.25 - 137.64. Please, notice that the wave b purple might get more complex and time consuming, so it is safer to wait for an impulsive breakout above the level of 135.88 to trade it. Patience, please.
