General overview for 13/08/2015:
The five wave impulsive structure to the upside looks like it has been completed and now the market might continue developing the larger downside cycle. The first confirmation would be a clear impulsive breakout below the intraday support at the level of 137.78 and therefore the top at the level of 138.86 would take place. Any new high invalidates this scenario.
138.94 – WR3
138.86 – Wave B Top
137.78 – Intraday Support
137.02 – WS2
Daytraders should consider opening sell orders from the level of 138.50 with SL above the level of 138.90 and TP at the level of 137.78.
The material has been provided by InstaForex Company – www.instaforex.com