General overview for 16/10/2014 10:30 CET
The corrective cycle in wave b purple has been little longer than previously thought, but there is still one more wave to the downside missing to complete the overall bigger cycle. The current price action is full of fake breakouts but as long as the level of 136.21 is providing the resistance, the bias is bearish and sooner or later one more leg to the downside will be made.
Support/Resistance:
134.62 - WS1
135.08 - Intraday Support
136.21 - Intraday Resistance
136.30 - Weekly Pivot
136.55 - Technical Resistance
136.96 - WR1
136.93 - Technical Resistance
Trading recommendations:
Please refrain from trading until a clear pattern emerges.
The material has been provided by InstaForex Company - www.instaforex.com
