General overview for 20/08/2015 09:30 CET
As indicated yesterday, the wave c purple was terminated just at the golden trend line support. Another wave up, labeled as wave c green, is currently in progress. This corrective cycle is getting more and more complex and time-consuming. So it is very possible that market is trying to complete a big triangle pattern which is very typical for wave four.
1.3015 – Intraday Support
1.3070 – Weekly Pivot
1.3175 – Intraday Resistance
1.3206 – WR1
1.3211 – Swing High
Currently, daytraders should wait for a better opportunity to occur after corrective sub-cycle is completed. Trading inside of the potential triangle structure is tricky and full of whipsaws and fake breakouts.
The material has been provided by InstaForex Company – www.instaforex.com