General overview for 11/02/2014 06:10 CET
The golden trend line has been broken and the red bearish count has been invalidated. This means that wave (ii) purple will be either irregular or running correction and when it is finished the downtrend should resume. Only a new high would invalidate this scenario. The target level for wave Y brown of wave (ii) is 61%Fibo at the level of 1.1124 (Running Flat) or the grey rectangle area between the levels of 1.1135 - 1.1148. The wave might get slightly extended and hit 78%Fibo at the level of 1.1162.
Support/Resistance:
1.1222- Swing High
1.1206 - WR2
1.1167 - 78%Fibo
1.1135 - 1.1148 - Demand Breakthrough Zone
1.1124 - 61%Fibo
1.1089 - Intraday Resistance
1.1060 - Intraday Support
1.1042 - Weekly Pivot
Trading recommendations:
Buy stop orders should be placed at the level of 1.1091 with SL below the level of 1.1059 and TP at the level of 1.1124 and 1.1148.
