General overview for 09/01/2015 10:10 CET
The market is trading inside of the intraday trading range between the levels of 140.54 - 141.63, possibly waiting for today's Non Farm Payrolls data to show the direction. The bias is bullish as the corrective wave progression in wave 2 red to the downside looks completed and the impulsive rebound can happen anytime now. First major intraday resistance is at the level of 141.63 and any breakout higher will directly expose the next resistance at the level of 143.17.
Support/Resistance:
140.54 - WS2
141.65 - Intraday Resistance
141.95 - WS1
143.18 - Intraday Resistance
144.10 - 144.42 - Gap Zone
144.58 - Weekly Pivot
145.57 - Technical Resistance
146.22 - WR1
Trading recommendations:
There is not much of the impulsive wave progression to the upside so far but the buy orders opened a couple a days ago should still be kept open as the market is awaiting the NFP news release. SL below the level of 140.54 and TP at the level of 144.42. The next good level to add to existing positions is at the level of 143.17