General overview for 02/04/2014 13:30 CET
The recent last leg up in this pair looks like a completed ZigZag wave (c) and it is very possible now that the overall corrective wave structure in wave X black has been done. The first confirmation comes with the golden trendline breakout to the downside. Secondary confirmation comes with the level of 142.59 breakout to the downside as well. Without this kind of wave development this ZigZag formation might unfolded into a full five wave impulsive wave progression to the upside in wave (c) blue. Please notice the bearish divergence is signaling a possible top in wave X as well.
Support/Resistance:
143.79 - Technical Resistance
143.20 - Intraday Resistance
143.12 - WR2
142.90 - Intraday Support
142.95 - Technical Support
142.47 - WR1
Trading recommendations:
Sell stop orders should be opened from the level of 142.88 with SL above the level of 143.20 and TP at the level of 142.59 and 142.47.
