General overview for 29/07/2015 09:20 CET:
The corrective cycle is getting more complex and time-consuming. Currently, the market is range bounded between the intraday support at the level of 136.41 and intraday resistance at the level of 137.09. The lower channel line is providing the dynamic support as well, but any breakout lower will result with immediate test of the weekly pivot at the level of 135.60.
137.67 – WR2
137.10 – Intraday Resistance
136.86 – WR1
136.43 – Intraday Support
135.60 – Weekly Pivot
134.77 – WS1
Daytraders should close buy orders from yesterday and wait for another upside breakout to produce another chance to enter the market. The best level to place a buy stop order is at the level of 137.10 with tight SL (15-20 pips) and TP at the level of 137.63.
The material has been provided by InstaForex Company – www.instaforex.com