General overview for 23/07/2015 09:20 CET
The first indications of a possible impulsive upside rally occurred on the market. The recent wave five progression to the upside had been labeled as the leading diagonal wave i blue and now the market awaits three wave corrective cycle. To confirm this labeling, the market can not violate intraday support at the level of 134.86 and it should break out above the golden trendline when the corrective cycle is completed.
134.86 – Intraday Support
135.04 – Weekly Pivot
135.34 – WR1
135.85 – Intraday Resistance
136.17 – WR2
136.77 – WR3
Daytraders should consider opening buy orders from the levels closest to the intraday support with SL just below the level of 134.80 and TP at the level of 135.85.
The material has been provided by InstaForex Company – www.instaforex.com