General overview for 09/09/2014 09:50 CET
The market is about to complete the extended corrective cycle in a shape of an abc purple irregular flat correction. The 50%Fibo level is being tested now and there is always some degree of possibility that this corrective cycle will become more complex and time-consuming and 61%Fibo will be tested. But so far it looks like if the intraday support at the level of 136.60 is violated, then the market should start the last impulsive leg to the downside.
Support/Resistance:
135.71 - Technical Support
136.60 - Intraday Support | Weekly Pivot |
136.98 - Intraday Resistance
137.03 - 50%Fibo
137.32 - 61%Fibo
137.72 - WR1
138.25 - Swing High
Trading recommendations:
Day traders should consider opening sell stop orders at the level of 136.60, with SL above the level of 136.98 and TP at the level of 135.71 with a possible downward extension to the level of 135.45.
The material has been provided by InstaForex Company - www.instaforex.com