General overview for 26/02/2014 08:15 CET
The corrective wave progression to the upside has been temporary labeled as wave (iv) blue and currently another leg to the downside is anticipated to complete the overall impulsive structure. The invalidation line for blue impulsive count is at the level of 1.1111 and any breakout above this level means the correction will be more complex and time consuming.The target level for wave (v) blue is still at the grey rectangle area between the levels of 1.1016 - 1.1024.
Support/Resistance:
1.1016 - 1.1024 - Target level for wave (v)
1.1052 - Intraday support
1.1075 - Weekly pivot
1.1090 - Intraday resistance
1.1111 - Invalidation line
1.1167 - 1.1192 - Supply zone
Trading recommendations:
Sell stop orders should be opened from the level of 1.1050 with SL above the level of 1.1076 and TP at the level of 1.1024 with a possible downside extension.
