General overview for 04/12/2015 08:50 CET
The ending diagonal pattern in wave (c) blue had been completed. The price exploded to the upside following the news release. The target for big cycle wave C is above the top of the wave A, but first the market must break out above the descending golden channel trend line around the level of 136.00.
Support/Resistance:
129.33 - WS1
130.18 - Weekly Pivot
130.71 - WR1
131.57 - WR2
132.06 - WR3
134.48 - Intraday Resistance
Trading recommendations:
Day traders should refrain from trading and wait for a better trading setup to occur, because current risk to reward ratio is too large for any trade. Patience is needed.
