General overview for 04/09/2015 10:40 CET
The market has decline in three waves from the top of wave b green. This might suggest a further complex wave progression that might be developing in the sideways manner round the weekly pivot at the level of 1.3230. Please notice that the impulsive wave progression is likety to be rather low now unless the intraday support at the level of 1.3115 is violated in impulsive fashion.
1.3352 – Swing High
1.3326 – Intraday Resistance (strong)
1.3319 – WR1
1.3230 – Weekly Pivot
1.3164 – Intraday Support
1.3115 – Intraday Support (strong)
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