General overview for 08/09/2015 09:50 CET
Due to the fact that current price action is rather choppy overlapping waves at the top of the monthly range. Whether this is an ongoing distribution phase? According to the Elliott wave perspect, the five waves to the upside has been done and a kind of the corrective wave progression to the downside is anticipated.
1.3359 – WR1
1.3352 – Swing High
1.3326 – Intraday Resistance (strong)
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 further confirmation of a higher-degree corrective cycle.
The material has been provided by InstaForex Company – www.instaforex.com