General overview for 29/07/2014 13:30 CET
Corrective cycle of green wave (ii) is in progress as anticipated. Invalidation line for this cycle is at the level of 137.25. The price is still staying under the golden trendline level and under intraday resistance at the level of 137.33. Only a clear, sustained breakout higher above the level of 137.25 would invalidate a simple abc purple corrective scenario. In that case, the next resistance level would be at the grey rectangular technical resistance zone between the levels of 137.49 - 137.63. Nevertheless, the bias is still bearish as long as this level is not cleared.
Support/Resistance:
136.23 - WS1
136.36 - Wave 1 Low
136.62 - Intraday Support
136.78 - Weekly Pivot
136.92 - Intraday Resistance
137.25 - Invalidation Level
137.21 - WR1
137.32 - Intraday Resistance
137.50 - 137.63 - Key Level for Bears
Trading recommendations:
Day traders should consider to open short orders from the level of 136.95, with SL above the level of 137.25 and TP at the level of 136.23 with a possible downside extension.
