General overview for 28/07/2015 10:30 CET
The corrective cycle is still developing as the b green and c green waves are needed to complete the correction. The market is very range-bounded, but is trading above the weekly pivot and inside the bullish zone. Nevertheless, the downside breakout is expected in order to complete the c green wave. The first support comes at the level of 1.2947, but it might get easy violated.
1.3100 – Intraday Resistance | Swing High|
1.3026 – Weekly Pivot
1.2952 – WS1
1.2947 – Intraday Support
1.2839 – WS2
Currently, the market is consolidating the gains inside the bullish zone and daytraders should wait for a clearer pattern to appear or for the corrective cycle to get complete.
The material has been provided by InstaForex Company – www.instaforex.com