General overview for 01/09/2015 08:30 CET
The market is trading inside of a narrow range below the weekly pivot at the level of 136.50. The upside scenario is still possible, but first the weekly pivot and the intraday resistance at the level of 136.60 must be clearly violated in an impulsive fashion. Only then, wave (b) blue might hit the projected target at the level of 137.59. Otherwise, the market will continue to consolidate inside the bearish zone.
137.76 - WR1
137.60 - Intraday Resistance
136.60 - Intraday Resistance
136.50 - Weekly Pivot
135.23 - Intraday Support
Daytraders should consider opening buy orders only if the level of 136.60 is clearly violated (hourly candle close above the level) with SL just below the level of 135.23 and TP at the level of 137.60.