General overview for 08/06/2015 08:45 CET

A top for wave (b) blue has been made. Now, there is another corrective sub-cycle to the downside needed to complete the overall wave 2 blue. A target for this wave is at the level of 1.2342, just at the first weekly pivot support. Please notice that the longer-term bias remains bullish, but the corrective cycle in wave 2 blue might be complex and time-consuming.

Support/Resistance:

1.2561 - Swing High

1.2537 - WR1

1.2471 - Intraday Resistance

1.2451 - Weekly Pivot

1.2432 - Intraday Support

1.2342 - WS1

Trading recommendations:

It is better to stay aside and wait for the corrective cycle to complete. Buying on dips during the corrective cycle is the way to trade on this market at the moment. Nevertheless, aggressive scalpers might consider to open sell orders from current price levels with SL above the level of 1.2471 and TP at the level of 1.2342.