General overview for 19/08/2014 09:30 CET

So far, the wave progression supports the view of more impulsive downside development. The key level to keep an eye of is the intraday support at the level of 136.75. Breakout lower would be bearish and lower prices might be hit very quickly. On the other hand, the orange rectangular area has not been hit yet and the market might be developing more complex purple wave b (ie: triangle formation) and then move higher for the last wave upwards, hit the target zone and decline towards the 136.75 level.

Support/Resistance:

135.71 - Technical Support

135.77 - WS2

136.45 - WS1

136.75 - Intraday Support

137.04 - Weekly Pivot

137.06 - Intraday Resistance

137.70 - WR1

138.02 - Swing High | Red Impulsive Count Invalidation Level|

138.29 - WR2

Trading recommendations:

Sell orders form the level of 137.40 with SL above the level of 137.60 and TP below the level of 136.45 has not been triggered, but this is still an option to trade. The other trading possibility to consider is to trade the intraday support level breakout with entry at the level of the 136.74 and using the same SL and TP as above.