General overview for 12/12/2013 08:30 CET
The corrective structure is getting more complex and time consuming and the current price action is a typical range play with clear levels to be broken. Moreover, some indication of Head&Shoulders technical pattern might be seen with neckline at grey rectangle area of 140.85-141.00. Break out below this areameans that Weekly Piwot level will be tested and in case of a failure the Technical level of 14.00 zone is next target.
On the contrary, the breakout of Intraday Resistance level at 141.81 is the first indication of bullishness and any price above the 142.15 high invalidates the count.
Support/Resistance:
142.15 - Swing High
141.81 - Intraday Resistance
140.90 - Intraday Support
140.85 - 141.00 - Neckline area
140.70 - Weekly Pivot
140.00 - Techncial Support
Trading recommendations:
Trade only after a breakout of one of the mentioned levels: either 140.85 OR 142.15. Otherwise stay away for now.
