General overview for 09/02/2015 10:50 CET
The corrective cycle in the wave 4 looks more complex than a simple corrective cycle but the overall bias still remains bearish. To continue to the downside, the price must break out of the golden corrective trend channel and violate the level of 132.32 in impulsive way. Otherwise, the corrective cycle might still continue to extend higher towards the level of 137.64. However, this move is possible only if the intraday resistance at the level of 135.36 is broken.
Support/Resistance:
136.74 - Key Resistance
137.27 - WR2
136.15 - WR1
135.36 - Intraday Resistance
134.22 - Weekly Pivot
134.03 - Intrday Support
133.11 - WS1
132.32 - Key Level To The Downside
Trading recommendations:
Daytraders should consider opening sell orders from the current price levels with SL above the level of 135.36 and open TP level for now.
The material has been provided by InstaForex Company - www.instaforex.com