General overview for 25/06/2015 07:45 CET
The corrective cycle in wave -iv- blue turned out to be a wave three flat correction. Now the market is in another downward cycle. The important levels are still the same as the price action inside of the corrective cycle was mainly a range bound between the intraday support at 138.19 and intraday resistance at 139.25. Please notice the most important area is supply breakthrough zone between the levels of 138.29 and 137.98. Any breakout below this zone will trigger even sharper decline towards the weekly support pivot at the level of 137.07 (min).
137.07 – WS2
137.98 – 138.29 – Supply Breakthrough Zone
138.19 – Intraday Support
138.50 – WS1
139.25 – Intraday Resistance
The sell orders should be still kept open as the corrective cycle looks completed now and traders should keep an eye on grey rectangle area for any possible break out lower. The first target level, if the grey zone is violated, is the weekly pivot support at the level of 137.07.
The material has been provided by InstaForex Company – www.instaforex.com