General overview for 18/08/2015 09:30 CET
The 1-1 geometry between the waves a and c purple has been missed by 3 pips, nevertheless the corrective cycle in wave a green (alt:X brown) has been completed. Currently the corrective cycle in wave b green (alt:Y brown) continues. The key level for today is the intraday resistance at the level of 1.3156. Any breakout higher would be viewed as temporary bullish.
Support/Resistance:
1.3156 - Intraday Resistance
1.3079 - Weekly Pivot
1.3058 - Intraday Support
1.2975 - WS1
Trading recommendations:
Daytraders should consider opening sell orders from the level of 1.3156 with tight SL (10-15 pips) and TP at the level of 1.3100.