General overview for 08/05/2015 08:10 CET
As mentioned yesterday, the wave five upward price progression has been completed. Now, the market is ready to continue the decline lower. The first clue comes with a wave five decline from the top of 135.97 for the wave B and now, as long as the intraday resistance at the level of 135.17 is not violated, the key downside continuation level is intraday support at the level of 134.16. A break out lower would mean that the weekly pivot might get tested and even violated.
139.97 – Swing High
135.17 – Intraday Resistance
134.16 – Intraday Support
133.34 – Weekly Pivot
The sell orders from yesterday should be still kept open and any break out below the level of 134.16 provides another selling opportunity with TP at the level of 133.34.
The material has been provided by InstaForex Company – www.instaforex.com