General overview for 02/12/2015 12:10 CET
The current price action does not look too much impulsive as the market might be still waiting for the ECB news release today at 2:30 pm GMT. This is why the current wave development might still be a part of an bigger ending diagonal pattern and the bottom for wave (c) blue at the level of 129.65 might be violated. The most common scenario during the news release with a possible ending diagonal forming is a sudden spike down to new lows and then immediate reversal higher. Pleas bear in mind this possible price action during today's important ECB news release.
Support/Resistance:
129.33 - WS1
129.64 - Intraday Support
130.18 - Weekly Pivot
130.20 - Intraday Support
130.71 - WR1
131.04 - Intraday Resistance
131.57 - WR2
132.06 - WR3
Trading recommendations:
Вay traders should refrain from trading and wait for a better trading setup to occur.
