The labeling has little changed due to a possibility of a irregular flat correction in wave 2 purple and two important intraday levels for bulls and bears have been added as well. The possibility of a downward wave progression is still high as long as the key level for bears is not violated. Please notice that the price is still trading in the bearish zone and the weekly pivot breakout has been a failure so far.
Support/Resistance:
139.88 – WR2
139.32 – WR1
138.76 – Intraday Resistance |Key Level for Bears|
138.73 – Weekly Pivot
138.14 – WS1
138.10 – Intraday Support |Key Level for Bulls|
137.69 – Technical Support
137.54 – WS2
Trading recommendations:
Swing traders with active sell orders opened last week should still keep them open due to the lower price levels expectations.
Day traders still should keep the short orders opened at the beginning of the week and wait until the TP at the level of 137.69 is hit.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 10/07/2014 09:10 CET
The labeling has little changed due to a possibility of a irregular flat correction in wave 2 purple and two important intraday levels for bulls and bears have been added as well. The possibility of a downward wave progression is still high as long as the key level for bears is not violated. Please notice that the price is still trading in the bearish zone and the weekly pivot breakout has been a failure so far.
Support/Resistance:
139.88 – WR2
139.32 – WR1
138.76 – Intraday Resistance |Key Level for Bears|
138.73 – Weekly Pivot
138.14 – WS1
138.10 – Intraday Support |Key Level for Bulls|
137.69 – Technical Support
137.54 – WS2
Trading recommendations:
Swing traders with active sell orders opened last week should still keep them open due to the lower price levels expectations.
Day traders still should keep the short orders opened at the beginning of the week and wait until the TP at the level of 137.69 is hit.
The material has been provided by InstaForex Company – www.instaforex.com
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