General overview for 25/08/2015 10:00 CET
The anticipated low labeled as wave Y brown occurred yesterday and the WXY brown corrective structure is now completed. However, as long as the intraday resistance at the level of 138.94-138.84 puts the cap on any price rally, the market might still try to make another wave down with a low below the level of 136.02. Then the corrective structure will get more complex and time-consuming.
139.65 – WR1
138.94 – Intraday Resistance
138.34 – Weekly Pivot
137.78 – WS1
137.05 – Intraday Support
All TPs from yesterday have been hit and for today the daytraders should refrain from trading due to a lack of a clear pattern to trade.
The material has been provided by InstaForex Company – www.instaforex.com