General overview for 25/06/2014 10:20 CET
The red trendline breakout might be the first clue that the downward cycle has been finished and now higher prices can be seen. A key level to the upside is at the level of 1.0751 where the intraday resistance is and a breakout is of course bullish, targeting weekly pivot and technical resistance. On the other hand, if this level holds the line, then price will get back to the yellow range zone and might test the lover boundary of this zone.
Support/Resistance:
1.0687 - WS1
1.0716 - Intraday Support
1.0715 - Technical Support
1.0752 - Intraday Resistance
1.0790 - Weekly Pivot
1.0804 - Technical Resistance
Trading recommendations:
Daytraders should open buy stop positions if the level of intraday resistance is broken with SL below the level of 1.0716 and TP at the level of 1.0790. Otherwise, any new low will support the bearish scenario.
