General overview for 26/08/2015 08:30 CET
After bouncing from the weekly pivot support at 136.50 the market went back into the neutral zone. The current price action is very choppy and full of whipsaws, moreover, the Elliott wave count is indicating a possible continuation of this complex and time-consuming pattern. The most important level is the intraday resistance at the level of 138.94 as only a clear breakout higher would invalidate the bearish outlook for now. One more leg down is expected with a bottom below the wave Y brown low at the level of 136.01.
139.65 – WR1
138.94 – Intraday Resistance
138.34 – Weekly Pivot
137.78 – WS1
137.05 – Intraday Support
Day traders should refrain from trading due to lack of a clear trading pattern.
The material has been provided by InstaForex Company – www.instaforex.com