General overview for 09/07/2015 07:40 CET
As anticipated yesterday, corrective cycle development resulted in a steady horizontal price action. The market is currently range-bounding between the intraday support at the level of 1.2674 and intraday resistance at the level of 1.2778. Any breakout below/above of this level is needed to continue the wave progression. However, the current intraday bias is bearish, so the intraday support might be tested any time now.
1.2778 – Intraday Resistance
1.2773 – WR1
1.2674 – Intraday Support
1.2632 – Technical Support
Daytraders should consider closing the buy orders (TP from yesterday was hit) and wait for a further price action to develop. Sell orders should be opened only if the level of 1.2674 is clearly violated.
The material has been provided by InstaForex Company – www.instaforex.com