General overview for 18/08/2014 09:30 CET
The corrective cycle in wave 2 of 3 has been completed in a zig-zag shape. Now, this pair is in an impulsive decline and only a breakout above the level of 138.02 invalidates the bearish outlook. The orange rectangular zone is the target for green wave (ii) to complete and then a decline should resume. The first clue supporting this view is the level of the 136.75 breakout. The mid-term bias is still bearish.
Support/Resistance:
135.71 - Technical Support
135.77 - WS2
136.45 - WS1
136.75 - Intraday Support
137.04 - Weekly Pivot
137.06 - Intraday Resistance
137.70 - WR1
138.02 - Swing High | Red Impulsive COunt Invalidation Level|
138.29 - WR2
Trading recommendations:
Day traders and swing traders should consider opening SELL orders form the level of 137.40 with SL above the level of 137.60 and TP below the level of 136.45.