General overview for 17/02/2014 09:45 CET
The impulsive wave progression for wave (iii) blue looks finished and now the market is in corrective cycle in wave (iv) blue. The golden trend line is providing the resistance so far, but the overall corrective cycle has not been finished yet. The weekly pivot at the level of 1.0994 is very likely to be tested at some point of the trading week but the major key level for bears is the grey rectangle area between the levels of 1.1016 - 1.1024 as a previous wave 4 red level and invalidation level for blue impulsive count as well. Nevertheless, there is one wave to the downside missing in this impulsive wave progression and when correction is finished lower prices as expected.
Support/Resistance:
1.1051 - WR1
1.1016 - 1.1024 - Demand Breakthrough Zone
1.0994 - Weekly Pivot
1.0987 - Intraday Resistance
1.0960 - Intraday Support
Trading recommendations:
For intraday scalpers: the break out below the level of 1.0960 might provide the sell opportunity with SL above the level of 1.0987 and TP at the level of 1.0942.
For swing traders: Move the SL for all sell orders just above the level of 1.1024 and wait for downside trend resumption as there is one more wave missing.
