General overview for 17/06/2014 08:20 CET
New marginal lows has been made overnight on this pair as the corrective cycle is still in progress. The golden channel still acts as dynamic resistance and the market must break out of this channel to confirm the bullish wave progression to start. Otherwise new lows are possible and any break below the level of 1.0812 invalidates the count. Please notice that the market might be waiting for the Wednesday Fed meeting before making an important move.
Support/Resistance:
1.0805 - WS1
1.0812 - Wave B Low
1.0821 - Technical Support
1.0835 - Intraday Support
1.0870 - Intraday Resistance
1.0872 - Weekly Pivot
1.0884 - First Confirmation Level
1.0904 - WR1
Trading recommendations:
Stop loss orders from yesterday have been triggered on buy orders, so currently no new positions are advised until a clear pattern will emerge or the market will break out above the important level. Patience.
