General overview for 09/07/2015 08:05 CET
The last wave of the overall corrective wave development to the downside was made in the shape of an ending diagonal triangle. It was labeled as wave Z black of wave A blue. If this count is correct, upward wave progression should start to complete the wave B blue of a higher degree. The first hurdle is the intraday resistance at the level of 135.42, the next one is wave b purple top at 136.05. Only if the market moves above this level, a low for the wave A blue will be confirmed. Any violation of intraday support at 134.57 will suggest the lows might be tested/broken again.
133.26 – Swing Low
134.57 – Intraday Support
134.97 – Weekly Pivot
135.42 – Intraday Resistance
136.05 – Wave b Purple Top
136.25 – WR1
Daytraders and swingtraders should consider opening buy orders only if the level of 135.43 is violated, with SL below the level of 134.57 and TP at the level of 136.05.
The material has been provided by InstaForex Company – www.instaforex.com