General overview for 08/09/2014 14:30 CET
The market is currently in corrective cycle wave (iv) green or alternatively wave -iv- blue. Nevertheless, any upward rally should be capped somewhere at the level of 136.60 where the intraday resistance and weekly pivot level is, and sooner or later, market should make at least one more wave to the downside. Intraday support breakout is the first confirmation of impulsive decline.
Support/Resistance:
135.71 - Technical Support
135.81 - Intraday Support
136.60 - Intraday Resistance | Weekly Pivot |
137.72 - WR1
138.25 - Swing High
Trading recommendations:
Daytraders should consider to open sell limit orders at the level of 136.60, with SL above the level of 136.80 and TP at the level of 135.71 with a possible downward extension to the level of 135.45.