General overview for 14/08/2015:
As mentioned yesterday, the impulsive structure to the upside looks completed and the first indications of a corrective cycle to the downside are present in the hourly chart. Moreover, the intraday resistance at the level of 138.83 puts a cap on the price and after five-time trying, the market is not able to break out above this level. Further confirmation comes with the intraday support breakout at the level of 138.07 and the next support is at the level of 137.74.
138.94 – WR3
138.86 – Wave B Top
138.83 – Intraday Resistance
137.07 – Intraday Support
137.02 – WS2
Daytraders still 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