General overview for 18/05/2015 12:35 CET
The last five waves to the upside seem to be completed and market should reverse to the downside to continue to develop the wave C. The first confirmation of this scenario comes with a breakout of the level of 135.66 and the weekly pivot breakout to the downside. Then, the market should test the golden trend line, violate it and head into the first weekly support at the level of 134.87. Please notice that the bearish divergence is supporting the view.
136.96 – Swing High
136.55 – Intraday Resistance
135.86 – Weekly Pivot
135.66 – Intraday Support
134.87 – WS1
As long as the market is trading below the level of 136.55 daytraders should consider opening sell orders from current market levels with SL above the level of 136.56 and TP at the level of 135.66.
The material has been provided by InstaForex Company – www.instaforex.com