General overview for 26/06/2015 14:50 CET
The grey rectangle supply breakthrough zone was violated in the last wave down ( -v- blue ) and currently the market is in the corrective abc green cycle. The bias is still bearish and as soon as the correction is completed, the market should resume the downward wave progression to complete another wave down. Only an impulsive breakout above the intraday resistance at the level of 139.25 would invalidate the view.
137.07 – WS2
137.64 – Local Low
137.79 – Intraday Support
137.98 – 138.28 – Supply Breakthrough Zone
138.50 – WS1
139.25 – Intraday Resistance
The sell orders should be still kept open as the wave progression to the downside has not been completed yet. The first target is still at the level of 137.07.
The material has been provided by InstaForex Company – www.instaforex.com