General overview for 13/06/2014 08:20 CET
The bottom for the wave B black looks finally to be in place and now the impulsive wave progression to the upside should start. Dynamic rebound from the lows suggests the market is in the wave one right now and a corrective cycle is due next. This scenario is possible as long as no new low is made. The key level is old supply breakthrough zone between the levels of 138.49 - 138.58 and then the nearby technical resistance is at the level of 138.74. A breakout higher will likely lead to weekly pivot test.
Support/Resistance:
137.70 - Swing Low
137.81 - WS3
138.24 - WS2
138.32 - Intraday Support
138.49 - 138.59 - Key Level
138.74 - Intraday Resistance
Trading recommendations:
Daytraders and swing traders should consider opening buy positions from the level of 138.32, with SL below the level of 137.69 and TP at the level of 139.56, with possible extensions above last swing high next week. The first level to add to winning positions is at the level of 138.74 and 139.15.
