General overview for 15/06/2015 13:45 CET
After initially gapping down on Monday open, the market had filled the gap back up just to reverse at the level of 139.09 and continue lower again. This is a typical corrective price action behavior that had been labeled as wave X black so far. This means that there is at least wave Y black to the downside missing and to continue with the decline, the market must break out below the supply break-through zone between the levels of 138.02 – 138.30. If it does so, the next support will be at the level of 136.95, very close to the first weekly pivot support at the level of 136.69.
141.05 – Swing High
139.68 – WR1
139.30 – Intraday Resistance
138.82 – Weekly Pivot
138.02 – 138.30 – Supply Breakthrough Zone
136.95 – Technical Support
136.69 – WS1
Aggressive daytraders might consider opening sell orders from current market levels with very tight SL (10-20 pips) and TP at the level of 138.02 with a possible extension downwards to the level of 136.95.
The material has been provided by InstaForex Company – www.instaforex.com