General overview for 31/08/2015 11:00 CET

The Ending Diagonal pattern is still in progress as the wave c purple to the upside is still missing to complete the overall pattern. Any clear breakout above the intraday resistance at the level of 1.3299 and above the wave a purple top at the level of 1.3350 will resoult in more gains with the projected target at the level of 1.3441. On the other hand, only a sustained breakout below the level of 1.3150 would invalidate the bullish outlook.

Support/Resistance:a

1.3441 - WR2

1.3350 - Wave a Purple Top

1.3320 - WR1

1.3299 - Intraday Resistance

1.3230 - Weekly Pivot

1.3196 - Intraday Support

1.3108 - WS1

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 1.3299 is clearly violated (hourly candle close above the level) with SL just below the level of 1.3195 and TP at the level of 1.3350 with a possible extension upwards to the level of 1.3441.