General overview for 27/07/2015 09:05 CET

The leading diagonal wave i blue looks completed now and wave ii blue is in a corrective cycle. There is still one more wave down missing, wave c purple, to complete the correction. The first sign that the wave down is in progress might be identified when the intraday support at the level of 135.52 is violated. The target is seen at the level of 134.77. On the other hand, any breakout above the intraday resistance at the level of 136.43 will put the alternative count in play, and an upside target would be at the level of 137.74.

Support/Resistance:

137.67 - WR2

136.86 - WR1

136.43 - Intraday Resistance

135.60 - Weekly Pivot

135.52 - Intraday Support

134.77 - WS1

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 136.43 is clearly violated (hourly candle close above the level), with tight SL (20-30) pips and first TP at the level of 13686, second TP at the level of 137.74.