General overview for 10/06/2015 16:40 CET
After breaking out below the technical support and both of the weekly pivot supports, the market is developing a proper irregular flat corrective cycle, labeled on the chart as waves (a)(b)(c) blue. The first three waves of the wave (c) blue had been made. Now, the market is in a corrective sub-cycle wave (iv) green. When this wave is completed, one more wave to the downside is expected, with the first target at 1.2163.
Support/Resistance:
1.2201 - Intraday Support
1.2256 - WS2
1.2269 - Intraday Resistance
1.2163 - Projected Target For Wave (v)
Trading recommendations:
The corrective cycle is about to complete and the market should resume uptrend soon. For now please stay aside and wait for the reversal confirmation.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for June 10, 2015 . Thanks for your support.
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