General overview for 14/12/2015 08:30 CET
An ending diagonal idea has been invalidated as there is no wave one and wave four overlap. The whole wave 5 looks more like a typical impulsive wave. Please notice the bearish divergence supports the view that the top for the wave B purple is in place, and to confirm the top the market must break below the technical support level of 1.3621.
Support/Resistance:
1.3756 - Intraday Resistance
1.3679 - Intraday Support
1.3646 - Weekly Pivot
1.3621 - Technical Support
Trading recommendations:
Swing traders should consider closing long-term buy orders as the cycles in the higher time frames suggests possible completion of the five wave impulsive development and an imminent corrective cycle ahead.
