General overview for 20/12/2013 07:30 CET
The choppy, overlapping price action of this pair continues developing.
Currently, some form of complex corrective cycle is being developed in wave b green and the termination level is at one of the previous Intraday Support levels.
On the other hand, any upside rally is being capped so far by WR1 level and SUPPLY ZONE that lays nearby.
The Key Level to the upside is 142.56 and anything between it and 142.13 is RANGE ZONE.
The bias is to the downside for the impulsive cycles to complete.
Support/Resistance:
142.88 - Swing High
142.68 - 142.80 SUPPLY ZONE
142.64 - WR1
142.56 - Intraday Resistance
142.13 - Intraday Support
141.86 - Intrdaday Support
141.77 - Weekly Pivot
Trading recommendations:
Short positions are advisable (preferable) now with entry as close as possible to the Key Level and SL just above it. TP is 142.13 and 141.85.
