General overview for 07/08/2015 08:30 CET
The impulsive blue count looks invalidated due to wave i blue and wave iv blue overlaps. This would mean an alternative count is in play now. The first confirmation that the wave B blue top is at the level of 1.3213 comes with a breakout of the intraday support at the level of 1.3097. Any new high above the level of 1.3213 invalidates this view.
1.3213 – Swing High|Intraday Resistance|
1.3204 – WR1
1.3097 – Intraday Support|Blue Impulsive Count Invalidation Level|
1.3011 – Weekly Pivot
1.2968 – WS1
Daytraders should consider that the level of 1.3097 can be violated with tight SL (15-20 pips) and TP at the level of 1.3031.
Swingtraders should consider closing all mid-term and long-term buy orders as the upward cycle might be concluded soon. Please wait for another buy opportunity to come when the downward corrective cycle is completed.
The material has been provided by InstaForex Company – www.instaforex.com