General overview for 27/08/2014 09:50 CET
So far, the market is developing according to the anticipated wave progression. However, currently it is stuck in the internal corrective cycle in the middle of the range zone, so traders need to wait for any decisive level breakout. There are two key price levels now, one for bears, one for bulls and the one that is violated first will give further clues about the market direction.
Support/Resistance:
138.05 - WR1
138.02 - Swing High |Invalidation Level|
137.98 - Wave 2 of 3 High
137.42 - Weekly Pivot
137.04 - Intraday Resistance
136.85 - WS1
136.75 - Intraday Support
136.24 - WS2
Trading recommendations:
The short orders from the last week with SL above the level of 138.02 should be still kept open. New short orders have been added yesterday at the level of 136.98, with the same SL as before and TP at the level of 136.70 with a quite possible downside extension to the level of 135.70.