General overview for 21/07/2015 09:00 CET
As mentioned yesterday, the sideways corrective cycle will continue for some time now in wave 2 black or wave alt: iv green. Nevertheless, it is still a correction that has tested the golden trendline from the downside and got rejected right on the level of 1.3022. Please notice the market is trading in a tight range, but a breakout to the upside is expected to complete the impulsive wave progression. The first weekly technical target for both counts is seen at the level of 1.3072. Only a sustained breakout below the technical support at 1.2804 would invalidate the bullish scenario.
Support/Resistance:
1.3072 - WR3
1.3022 - WR2
1.3006 - WR1
1.2955 - Weekly Pivot
1.2947 - Intraday Support
1.2932 - WS1
1.2890 - WS2
1.2862 - WS3
1.2804 - Technical Support
Trading recommendations:
Buying on dips is the way to trade on this market and daytraders should consider opening sell orders only if the level of 1.2947 is clearly violated ( hourly candle close below this level).
