General overview for 27/02/2014 10:10 CET
The immediate impulsive bearish wave progression has been invalidated as wave (iv) overlapped the low of wave (i) and this is why new count has been presented. The key level here is the level of 1.1141 and any breakout to the upside would mean that the supply zone between the levels of 1.1167 - 1.1192 will be tested again. On the other hand, if the golden trend line holds and the key level will not be broken, then the intraday support at the level of 1.1094 might be tested as the wave b green develops.
Support/Resistance:
1.1167 - 1.1192 - Supply zone
1.1141 - Intraday resistance
1.1094 - Intraday support
1.1075 - Weekly pivot
1.1050 - 50%Fibo
Trading recommendations:
Sell orders should be opened from the level of 1.1140 with SL above the level of 1.1145 and TP at the level of 1.1094 with a possible downside extension.
