General overview for 02/09/2015 06:50 CET
The corrective cycle is still in progress as the golden trend-line dynamic resistance at the level of 1.3140 still deters the market from declining further so far. Nevertheless, the cycle is getting more and more complex with many overlapping waves as it develops in time. This is why the bigger corrective cycle might continue even longer, because only two first waves have been already made: wave W and wave X brown. There is still wave Y brown to the downside missing according to this scenario. This view will be invalidated only if a new high above the level of 1.3355 is reached.
1.3355 – Swing High
1.3319 – WR1
1.3260 – Intraday Resistance
1.3230 – Weekly Pivot
1.3114 – Intraday Support
1.3108 – WS1
Daytraders should refrain from trading and wait for more clear pattern to occur.
Swingtraders should close their long-term buy orders and wait for the further confirmation of a higher-degree corrective cycle.
The material has been provided by InstaForex Company – www.instaforex.com