General overview for 10/08/2015:
The corrective cycle for wave alt: XX brown might be completed if the first projected target zone between the levels of 136.80 and 137.02 is hit. Any signs of a intraday trend reversal inside the orange rectangle zone might support the view and the market will reverse in order to complete the last wave down – Z brown. Otherwise, the market will continue to develop the impulsive structure in the c purple wave (alt: wave iii blue) and new highs will be made above the level of 137.33.
137.33 – Intraday Resistance
137.02 – WR1
136.80 – 137.02 – Potential Reversal Zone
136.00 – Weekly Pivot
135.54 – Intraday Support
135.29 – WS1
134.98 – WS2
Daytraders should consider opening sell orders inside the potential reversal zone only if there are signs of a trend reversal ( andlestick formation, low-volume upmove etc.) with SL at the level of 137.35 and TP at the level of 134.54 with a possible downward extension.
The material has been provided by InstaForex Company – www.instaforex.com