General overview for 05/08/2015 08:30 CET

As anticipated yesterday, the level of 1.3204 was hit and the whole impulsive structure looks completed. There is, however, a possibility of minor internal progression to the upside to complete the sub-wave v blue, but both counts are pointing out that the mid-term top might be in place. To confirm this scenario, the market need to breakout below the intraday support at the level of 1.3110 in impulsive way and head towards the weekly pivot point at 1.3031.

Support/Resistance:

1.3267 - WR2

1.3213 - Intraday Resistance

1.3205 - WR1

1.3174 - Intraday Support (weak)

1.3110 - Intraday Support ( strong)

1.3031 - Weekly Pivot

Trading recommendations:

Swingtraders should consider closing all mid-term and long-term buy orders as the upward cycle might be topping soon. Please wait for another buy opportunity to come when the downward corrective cycle is completed.