General overview for 08/07/2015 10:35 CET

As anticipated yesterday, the level of 1.2773 was hit and now the full five wave progression to the upside is completed. On the other hand, the alternative count shows another wave up possibility, but currently this count is in corrective cycle as well. The target for the wave c purple is at the intraday support at the level of 1.2674, but any breakout lower might move the support to the level of 1.2632. Please notice that the high for the wave 5 black is at the level of 1.2778 and any impulsive violation of this level might lead to another bullish progression to the upside.

Support/Resistance:

1.2778 - Intraday Resistance

1.2773 - WR1

1.2674 - Intraday Support

1.2632 - Technical Support

Trading recommendations:

Daytraders should consider closing the buy orders (TP from yesterday was hit) and wait for a further price action to develop. Please notice the bias is still bullish in the near term.