General Overview for 09/05/2014 11:100 CET
The market is behaving exactly as anticipated with impulsive wave progression to the downside. Currently the key level is the old supply breakthrough zone. Now, it will act as a supply zone. The downside move seems unfinished yet. The next support level for this pair is at the level of 140.26. If this level is broken, then the swing lows of 139.90 will be tested and possibly broken as well.
Support/Resistance:
140.26 - WS2
140.51 - Intraday Support
140.73 - Intraday Resistance
141.03 - WS1
140.97 - 141.06 - Supply Breakthrough Zone
141.74 - Weekly Pivot
142.46 - Swing High
142.50 - WR1
Trading recommendations:
For swing traders: all sell orders that have been advised to open from higher levels should be still kept open as more downside moves are expected to come if the forecast is correct. The next middle week target is at the level of 140.26. SL should be placed above the level of 141.06.
For daytraders: sell stop orders should be opened from the level of 140.49 with SL above the level of 140.80 and TP at the level of 140.26 with a possible extension to the level of 139.90.
