General overview for 09/09/2015 09:00 CET
Larger time-frame cycles point out a rather more corrective structure of wave 4 purple that had been developing since the middle of August. In this case the recent price action is a part of the wave C purple of the wave 4 purple and any breakout above the golden trend line will be bullish. Please notice, the non-linear regression model channel slope is downward and this supports one more wave up ( wave 5 purple) and bigger corrective cycle to the downside.
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