General overview for 22/07/2015 08:05 CET
The weekly pivot at the level of 134.05 provided good support for the market to bounce higher, just as anticipated yesterday. The nature of this move is not clearly impulsive yet as it looks like a three-wave move upward so far. Nevertheless, if the intraday resistance at the level of 135.75 is violated before any fresh low is made, much higher levels should be expected.
136.17 – WR2
135.75 – Intraday Resistance
135.34 – WR1
135.04 – Weekly Pivot
134.23 – WS1
As long as the weekly pivot provides support, daytraders should consider opening buy orders with SL below the level of 135.00 and TP at the level of 136.17.
The material has been provided by InstaForex Company – www.instaforex.com