General overview for 13/05/2014 10:15 CET
The market is still in corrective cycle that starts to look too much impulsive and currently is at the critical level. It is still capped by the golden descending trendline but any breakout higher will invalidate the red impulsive count and will put the last swing high at the level of 1.1000 to test. Please closely watch the price action in the current area and expect a failure here and reversal. First clue that the correction is completed is the level of 1.0872 breakout.
Support/Resistance:
1.0986 - WR1
1.0947 - Red Impulsive Count Invalidation Line
1.0935 - Intraday Resistance
1.0915 - Intraday Support
1.0898 - Weekly Pivot
1.0872 - Technical Support
Trading recommendations:
Daytraders might consider opening intraday short positions from the level of 1.0915 with SL above the level of 1.0948 and TP at the level of 1.0833.
