General overview for 02/07/2015 05:10 CET
As anticipated yesterday, the market is still moving inside of a tight range of a triangle formation between the levels of 135.68 and 137.51. It will be doing so as long as the pattern is completed. The short-term bias is slightly bullish due to unfinished wave progression to the upside, but any breakout below the level of 135.68 will be considered bearish with a possible test of the wave A blue low.
133.75 – Swing Low
135.68 – Invalidation Level | Intraday Support |
136.13 – Weekly Pivot
137.52 – Intraday Resistance (weak)
138.04 – WR1
138.09 – Intraday Resistance (strong)
The market is still framed between two intraday levels and it is better to wait for a breakout in either direction.
The material has been provided by InstaForex Company – www.instaforex.com