General overview for 28/03/2014 11:20 CET
The pair is moving in the anticipated direction, although the wave progression is not impulsive. The red channel is still providing the dynamic resistance and it is expected to do this in the future as well. Please notice that the momentum is diminishing and bullish divergence has been made on H4 time frame chart. It means that the upper boundary of the red channel might be tested soon. Nevertheless, the bias is still to the downside and in general lower prices are expected.
Support/Resistance:
141.16 - Weekly Pivot
140.75 - Channel Resistance
140.32 - WS1
139.61 - WS2
138.78 - WS3
Trading recommendations:
Short orders should be kept open until the market changes the behavior or the target levels are hit. Downside bias prevails.
