General overview for 09/04/2015 08:30 CET
The corrective cycle in wave (b) is deepening its retracement below the 61%Fibo level. The next key support is likely to be found at the level of 78% Fibonacci at 129.42. Nevertheless, any breakout below this level might result in a recent local low test again at the level of 128.40 followed with eventual bounce/reversal. Please notice that the market is moving in clear corrective channel now. It must break out of the channel to continue impulsive wave progression for wave (c) blue.
Support/Resistance:
128.40 - Swing Low
129.03 - 78%Fibo
129.74 - Intraday Resistance
Trading recommendations:
Daytraders should consider opening buy positions from the level of 129.03 with SL below the level of 128.40 and TP open for now.
