General overview for 12/09/2104 15:00 CET
The target level anticipated in yesterday's analysis has been hit but the impulsive wave progression doesn't look like it is going to stop here as there is still one more wave to the upside missing, so the further gains on this pair are still possible. The projected target level in that case would be at the level of 1.1100 as the next round number level but any breakout below the key level might limit the weekly gains on this pair as the weekly range is currently done.
Support/Resistance:
1.1100 - Target Level
1.1064 - WR3
1.1052 - Technical Resistance
1.1027 - Intraday Support
1.1002 - WR2
Trading recommendations:
Day traders should move the SL just slightly below the level of 1.1027 on all their buy orders that are still open or use the trailing stop loss in order to protect the gains. Further upside movement is still possible, but any breakout below the mentioned level will decrease such a possibility this week. No reason to open short positions yet though. Be patient.
