General overview for 11/03/2014 08:15 CET:
The current wave progression does not look too impulsive right now, so probably the the upside has not been finished yet. Any breakout above the level of 1.1130 will invalidate the bearish impulsive count and it will make wave count in favor of more complex and time consuming wave 4 red. The next resistance comes at the level of 1.1129 and this is the key level for today. Please notice that momentum oscillator is starting to show the beginning of a bearish divergence as well.
Support/Resistance:
1.1171 - 1.1191 - Supply zone
1.1171 - WR1
1.1157 - Techncial resistance
1.1129 - Intraday resistance
1.1090- Intraday support
1.1069 - Wave 4 low
1.1062 - Weekly pivot
1.1008 - WS1
Trading recommendations:
In case of an upside extension a buy stop orders should be opened from the level of 1.1130, with SL below the level of 1.1111 and TP at the level of 1.1157. However, if the key level is not broken, than shorts from yesterday should be kept open.
