General overview for 07/05/2015 08:40 CET

As anticipated yesterday, there was a possibility of a new high if an alternative count to be in play after a three-wave decline towards the weekly pivot level. Currently, the upward move does not look completed yet. However, there are first indications that it might be the last stage of the last wave to the upside before the reversal will happen. Bearish divergence between the momentum oscillator and the price is the first clue that supports our view. A breakout below the level of 134.85 would be first confirmation move that would support the count as well.

Support/Resistance:

135.80 - Intraday Resistance|Swing High|

135.26 - Intraday Support

134.82 - Intraday Support

133.34 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening sell orders from the current market levels with SL above the level of 135.80 and TP at the level of 135.26 with a possible extension lower to the level of 134.85 and 133.34.