Wave analysis
Roman Molodiashin
Resistances:
- 120.80 = .382 retracement
- 120.97 = expanded objective point (XOP)
- 122.05 = .50 ret
If the price reverses to the downside the immediate supports will be Fibonacci retracements of 116.78-120.39.
Supports:
- 119.01 = .382 ret
- 118.59 = .50 ret
- 118.16 = .618 ret
Overbought/Oversold
Assuming that the major wave is now up it's preferable to try long positions when the Detrended Oscillator gets below the zero level (5-10 pips below the current prices) or into the oversold area (30-40 pips below the current prices).
http://instaforex.com/forex_analysis/39846/?x=OUE
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