General overview for 21/08/2015 11:30 CET
The corrective cycle labeled as wave X brown looks now completed and market might be ready to start the next wave down in order to complete the cycle. The most important level for today is the golden trendline dynamic resistance around the level of 1.3057. Any breakout below this level directly exposes the intraday support at the level of 1.3015 for test. On the other hand, any violation of the intraday resistance at the level of 1.3175 invalidates the bearish outlook.
1.3175 – Intraday Resistance
1.3077 – Weekly Pivot
1.3057 – Golden Trend Line Support
1.3015 – Intraday Support
Daytraders should consider opening a sell orders from current market levels with SL above the level of 1.3175 and TP at the level of 1.3015.
The material has been provided by InstaForex Company – www.instaforex.com