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Long-term review

General overview for 08/04/2014 08:45 CET

The grey rectangle area provided the resistance as anticipated and those of traders who entered short positions from the levels recommended yesterday should be in profit by now. Currently, there is still a possibility of downside extension to the level of 140.70 min as the price is now in a possible triangle formation wave 4 red. Only a sustained breakout above the weekly pivot at the level of 141.90 invalidates the downside extension scenario.

Support/Resistance:

143.47 - Swing High

142.56 - WR1

141.90 - Weekly Pivot

141.96 - 141.77 - Techncial Resistance

141.11 - Intraday Support

140.70 - 78%Fibo

Trading recommendations:

Keep short positions open for the target at the level of 140.70 min. Possible downside extension is to the level of 140.41.

Exchange Rates 08.04.2014 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2020
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