General overview for 23/06/2014 10:15 CET
The upward wave progression has lost its momentum now and only three waves has been made in this stage instead of anticipated five waves. The red trendline has been broken as well and market seems to find some temporary top at the intraday resistance at the level of 138.88. Only a sustained breakout of this level to the upside would be bullish and higher prices in the area of weekly pivot resistance levels should be expected. On the other hand, any breakout below intraday support at the level of 138.41 is bearish and the market might test the lows of the area of 137.70 again.
Support/Resistance:
140.07 - Swing High
139.71 - WR2
139.36 - WR1
138.88 - Intraday Resistance
138.51 - Weekly Pivot
138.41 - Intraday Support
138.18 - WS1
137.70 - Swing Low
Trading recommendations:
Daytraders should open sell stop positions if the level of intraday support is broken with SL above the level of 138.88 and TP at the level of 137.70.
