General overview for 07/02/2014 09:00 CET
For the whole week we have been observing the complex and time consuming corrective cycle developing on this pair and it looks like is has not been finished yet. There is still wave Y brown to be made to the upside but the current stage of progression does not tell us an exact shape of the last wave. The most probable shape is a three wave continuation to the upside into the grey rectangle area that is providing a good resistance so far. Only when corrective cycle is over, the downside impulsive wave progression will resume.
Support/Resistance:
1.1122 - Swing High
1.1213 - WR1
1.1135 - 1.1149 - Demand Breakthrough Zone
1.1121 - Weekly Pivot
1.1078 - Intraday Resistance
1.1049 - Intraday Support
1.1028 - Techncial Support
Trading recommendations:
Any price from weekly pivot at the level of 1.1121 should be sold with SL above the level of 1.1151 and TP at the level of 1.1028.
