General overview for 11/06/2015 07:20 CET

As anticipated yesterday, the price bounced from the level of intraday support and is currently trading in the weekly pivot area. The development is clearly corrective with many overlapping waves, fake breakouts, and price whipsaws. This might suggest that the top for the wave B black might be tested and violated if the alternative labeling takes the control. To do this, the market must break out above the golden trendline and test the level of 141.05. Otherwise, the bias will remain bearish in the near term with more downside to be expected by the end of the trading week.

Support/Resistance:

141.05 - Swing High|Intraday Resistance|

139.74 - Intraday Resistance

138.71 - Weekly Pivot

138.41 - Intraday Support

138.03 - 138.32 - Supply Breakthrough Zone

136.95 - Technical Support

Trading recommendations:

Daytraders should consider to open buy orders only if the level of 139.75 is violated, with tight SL (20-30 pips) and TP at the level of 140.40. Otherwise, it is better to stay aside and wait for the corrective cycle to complete.