General overview for 07/09/2015 09:00 CET
The market keeps trading just above the weekly pivot at the level of 1.3238 in a tight consolidation zone. Please notice, that the current price action might suggest a possible triangle pattern in progress, where wave abc and d are currently done and wave e to the downside is still missed.
1.3359 – WR1
1.3352 – Swing High
1.3326 – Intraday Resistance (strong)
1.3288 – Intraday Resistance (weak)
1.3237 – Weekly Pivot
1.3148 – WS1
1.3136 – Intraday Support (weak)
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 a further confirmation of a higher-degree corrective cycle.
The material has been provided by InstaForex Company – www.instaforex.com