General overview for 14/08/2014 09:40 CET
As anticipated yesterday, the top for the corrective structure in wave (ii) green is likely to be completed. Besides, the weekly pivot breakout to the downside is the first confirmation of this scenario. In that case, the intraday support at the level of 136.35 is the first target level. But it is very possible that this level will be broken and the market will try to test the recent green wave (i) low as the general outlook is still very bearish.
Support/Resistance:
135.71 - Swing Low
135.80 - WS1
136.35 - Target Level |Intraday Support|
136.85 - Weekly Pivot
137.10 - Intraday Resistance
137.55 - Technical Resistance
Trading recommendations:
Day traders should close the long orders opened at the beginning of the week and open short orders from the level of 136.85 with SL above the level of 137.16 and TP at the level of 136.35 with a quite possible downside extension to the level of 135.72.
