General overview for 11/08/2015 06:50 CET
The ending diagonal wave (v) green expected since yesterday is still possible to occur, however the market starts to indicate more clearly a possible near – term top. Regardless of the wave 1 blue top placement (that has not been fully confirmed yet), the market is trading below the weekly pivot at the level of 1.3130. Any further deterioration towards the level of 1.2858 would mean the wave development favors wave C blue to the downside to be made as a final corrective wave.
Support/Resistance:
1.3213 – Intraday Resistance
1.3107 – WR1
1.3130 – Weekly Pivot
1.3046 – WS1
1.2991 – Intraday Support
1.2963 – WS2
Trading recommendations:
Daytraders should refrain from trading until a clear pattern appears or the corrective cycle is completed. A possible top is in place.
The material has been provided by InstaForex Company – www.instaforex.com
