General overview for 11/09/2015 07:45 CET
For the whole week, the market has been trading inside of a tight range zone between the levels of 1.3114 and 1.3326. Currently, the price action might indicate a possible triangle formation at the end of the complex corrective structure. This would mean there might be one more wave up tol break out of the range and head towards new highs. Nevertheless, this might be the last wave up, wave 5 purple, and then bigger degree corrective decline will start.
Support/Resistnace:
1.3359 - WR1
1.3352 - Swing High
1.3326 - Intraday Resistance (strong)
1.3237 - Weekly Pivot
1.3148 - WS1
1.3136 - Intraday Support (weak)
1.3115 - Intraday Support (strong)
Trading recommendations:
Daytraders should refrain from trading and wait for more clear pattern to occur. Swingtraders should close their long-term buy orders and wait for further confirmation of a higher-degree corrective cycle.
