General overview for 25/08/2014 10:00 CET
The wave 2 of 3 high at the level of 137.98 is the point of the reference for the further wave progression in this pair. The overall cycle is bearish. Currently, the market should gain more momentum as the wave -iii- to the downside is in progress. The intraday support level has been broken. The market is in the neutral zone and only a sustained breakout above the golden trendline could make the bulls regain the control. Otherwise, more downward price target should be seen soon, with the first support at the level of 136.85.
Support/Resistance:
138.05 - WR1
138.02 - Swing High |Invalidation Level|
137.98 - Wave 2 of 3 High
137.42 - Weekly Pivot
137.25 - Intraday Support
136.85 - WS1
136.70 - Bearish Zone Level
136.24 - WS2
Trading recommendations:
The short orders from the last week with SL above the level of 138.02 should be still kept open. New short orders can be added from the current price levels with the same SL as before and TP at the level of 136.70 with a very possible downside extension to the level of 135.70.
The material has been provided by InstaForex Company - www.instaforex.com
