General overview for 26/08/2013 10:00 CET:
The longer-term green trendline of a possible triangle pattern had provided strong resistance for the price.
The area of 132.42 is a cluster of several market geometry levels and it is providing strong resistance.
Currently, more downside price action is expected, not nesessarly in impulsive form, as we should consider a larger TF triangle possible forming.
The first levels are prone to test Weekly Pivot at 131.42 and the first technical support at 131.23.
The key level area is at 130.83 - 130.03 and we will be able to draw more obvious conclusion when the price gets there.
Only a break out of the green triangle line invalidates the view.
Support/Resistance:
132.42 - Swing High
131.87 - Technical Resistance
131.42 - Weekly Pivot
131.23 - Technical Support
130.83 - 131.03 - Supply Breakthrough Zone | Key Level |
Trading recommendations:
Short positions from the current levels with SL above the swing high should be in play. Potential TP is the key zone of 130.83 - 131.03.