General overview for 05/06/2015 08:30 CET
The bearish divergence confirmed the possible top at the level of 141.05 and corrective downward cycle development. The price is still trading inside the bullish zone between 138.41 and 141.03, but the lower area of this zone should be tested soon and is likly to be broken. Nevertheless, the bearish confirmation comes with a breakout of the level at 136.95.
141.27 – WR3
141.05 – Swing High
140.71 – 61%Fibo
139.90 – Intraday Resistance
138.87 – Intraday Support
138.55 – WR2
137.95 – WR1
138.01 – 138.31 – Supply Breakthrough Zone
As the impulsive cycle looks completed, the reversal might be in progress. This is why daytraders and even swingtraders might consider opening intraday scalps from current price levels with SL above the level of 140.34 and TP at the level of 138.87 with a possible extension downwards to the level of 138.31.
The material has been provided by InstaForex Company – www.instaforex.com