General overview for 04/05/2015 11:00 CET
After hitting the wave C of B top at the level of 135.26, the market reversed quite sharply to the downside and now it is trading at the key intraday support at the level of 133.69. Any breakout lower would support the indication that the top for the wave B is in place and test of the level of 131.27 is due. Please note that only a sustained breakout below this level would be a real game changer for this market as the price would have entered the neutral zone below the weekly pivot again. On the other hand, the level of 134.82 looks like the intraday resistance level and it should put a cap on any rally to the upside.
135.26 – Swing High
134.82 – Intraday Resistance
133.69 – Intraday Support|Key Level|
133.32 -Weekly Pivot
131.43 – WS1
131.27 – Technical Support
As long as the level of 135.26 is not violated, the daytraders and swingtraders should consider opening sell orders from the current price levels with SL above the level of 134.83 and TP at the level of 132.89 with a possible extension downside to the level of 131.27 later this week.
The material has been provided by InstaForex Company – www.instaforex.com