General overview for 13/07/2015 13:15 CET
After making five impulsive waves to the upside from a low of 133.26, the market is currently in a corrective cycle that might be a part of an internal wave -iv- (alternative count). To confirm the bearish cycle, the market must break out above the level of 138.09 and move higher into the weekly pivot resistance at the level of 138.50. Otherwise, the weekly pivot at the level of 135.91 will be tested soon and any breakout lower would lead to a test of intraday support at the level of 135.55.
138.50 – WR1
138.09 – Technical Resistance
137.80 – Intraday Resistance
135.91 – Weekly Pivot
135.55 – Intraday Support
134.53 – WS1
The buy orders advised last week should be closed now and daytraders should keep an eye on the intraday support at the level of 135.55.
The material has been provided by InstaForex Company – www.instaforex.com