General overview for 01/05/2014 09:20 CET
The price is moving inside of a corrective channel in wave ii black and if the labeling is correct, this upward, overlapping corrective cycle is about to be finished and a downward trend should resume. The key resistance zone is between the levels of 141.14 - 141.79. Any breakout higher than the level of 142.15 invalidates the impulsive bearish scenario, but a failure here is expected nonetheless. Intraday support level breakout and channel fall off is the first clue that the top of wave ii is in place.
Support/Resistance:
142.41 - WR2
142.14 - Invalidation Line
142.14 - 141.97 - Key Zone
141.74 - Intraday Support
141.89 - WR1
141.68 - Wave iv Low
141.45 - Weekly Pivot
140.97 - 141.06 - Supply Breakthrough Zone
140.93 - WS1
140.50 - WS2
Trading recommendations:
Short positions opened yesterday should still be kept open with SL and TP levels without change.
