General overview for 07/08/2015 08:00 CET
The corrective cycle in wave b purple looks completed, however there might be one more small wave to the downside in progress before it is finally done. Nevertheless, there is still wave c purple to the upside needed to compete the whole structure. Both support and resistance are the key levels for bulls and bears today. Any violation of one of this levels will set the sentiment for the rest of the day. The near-term bias is still bullish.
137.33 – Intraday Resistance
136.96 – WR1
136.48 – Intraday Resistance
136.24 – Weekly Pivot
135.79 – Intraday Support
135.15 – WS1
134.98 – Intraday Support
Daytraders should consider opening buy orders only if the level of 136.48 is clearly violated (hourly candle close above the level), with SL below the level of 135.79 and TP at the level of 136.96 and 137.33.
The material has been provided by InstaForex Company – www.instaforex.com