General overview for 01/06/2015 10:50 CET
An upward corrective cycle had been re-labeled to incorporate a triple zig-zag corrective structure that topped the level of 136.40, just shy of 88%Fibo level. Currently, wave progression to the downside looks impulsive. It might develop in full five wave progression if the level of 134.98 is violated. From the upside, resistance is provided by a weekly pivot at the level of 135.53 and bullish/neutral zone around 136.07. Please notice that only a breakout below the level of 133.80 will be considered as the major confirmation of a local top and downside wave development opportunity.
136.40 – Wave 2 High
136.07 – Bullish/Neutral Zone Level
135.53 – Weekly Pivot
135.34 – Technical Resistance
134.98 – Intraday Support
134.67 – WS1
133.80 – Bearish/Neutral Zone Level
Daytraders and swingtraders should consider opening sell orders from the current price levels with SL above the level of 136.40 and TP at the level of 134.98, with a possibility of an extension down to the level of 134.67 and below.
The material has been provided by InstaForex Company – www.instaforex.com