General overview for 20/07/2015 11:50 CET
The three wave down decline wedge is now a part of wave b green corrective cycle that looks completed now. Nevertheless, any breakout below the intraday support at the level of 134.36 would extend a downfall towards the wave A blue support at the level of 133.28. On the other hand, a breakout above the weekly pivot at the level of 135.04 is a bullish one.
Support/Resistance:
135.77 - WR3
136.17 - WR2
135.34 - WR1
135.04 - Weekly Pivot
134.94 - Intraday Resistance
134.36 - Intraday Support
134.23 - WS1
133.89 - WS2
133.28 - Swing Low
133.09 - WS3
Trading recommendations:
Buying on dips is a way to trade on this market and daytraders should consider opening sell orders only if the level of 134.36 is clearly violated ( hourly candle close below this level).
