General overview for 17/08/2015 10:00 CET
So far the first three waves of the supposed corrective cycle has been made and the market should continue trading lower in order to complete the bigger time frame cycles (labeled as abc green on the chart). The key dynamic resistance is being provided by the golden trendline around the level of 138.32. Any breakout higher would directly expose the recent swing high at the level of 138.82. Please notice that the market has already tested this level six times and it has not broken it yet. Any breakout will be considered bullish with the resistance at the level of 139.45.
139.45 – WR1
138.82 – Swing High|Intraday Resistance
138.32 – Golden Trend Line Dynamic Resistance
137.78 – Weekly Pivot
137.74 – Intraday Support
Daytraders should consider opening sell orders from the level of 138.31 with SL above the level of 138.83 and TP at the level of 137.74.
The material has been provided by InstaForex Company – www.instaforex.com