General overview for 03/04/2014 11:00 CET
The pair is still trading in narrow range with decreasing downside momentum building on awesome oscillator. This kind of price action might indicate that the correction of wave 2 green has not been finished yet and some upside wave progression might develop to completed the corrective cycle. For this scenario to happen the price first must breakout above golden trendline and then breakout higher again from the range zone. The target for this scenario is at the level of 1.1104 and if this one is broken, at the level of 1.1182. On the other hands there is still a slight chance that price will continue to develop wave iii black to the downside if the level of 1.1000 is broken in an impulsive manner. That means the downside breakout should be clear and sustained. Without this type of price action an upside rage breakout seems to be more probable at the moment.
Support/Resistance:
1.0975 - Technical Support
1.1000 - Intraday Support
1.1076 - Intraday Resistance
1.1090 - Weekly Pivot
1.1104 - 1.1121 - Technical Resistance
1.1182 - WR1
Trading recommendations:
-for a downside breakout - Sell stop orders should be opened from the level of 1.0999 with SL above the level of 1.1040 and TP at the level of 1.0936 with a possible downside extension
-for an upside breakout - Buy stop orders should be opened from the level of 1.1151 with SL below the level of 1.1000 and TP at the level of 1.1104 with a possible upside extension to the levels of 1.1121 and 1.1182.
