General overview for 01/05/2014 09:00 CET
The market is currently in a corrective cycle of wave 4 red. The possible shape for this cycle looks like a triangle for now and the according labeling has been provided on chart. The most important intraday resistance is at the level of 1.0982 and only a breakout higher this level would invalidate the triangle scenario. More downside is expected after the correction is finished.
Support/Resistance:
1.1031 - Weekly Pivot
1.1011 - WS1
1.0983 - Intraday Resistance
1.0979 - WS2
1.0954 - WS3
1.0949 - Intraday Support
1.0937 - 1.0941 - Demand Zone
Trading recommendations:
Short positions still should be opened from the current price levels with SL above the level of 1.0988 and TP at the level of 1.0900.
