General overview for 25/09/2014 12:10 CET
The purple impulsive count has been invalidated as wave (4) overlapped wave (1), so now the main count is the blue impulsive count. The corrective cycle looks to be completed and the pair might be ready to rebound and continue to move higher, but please notice, that any violation of the level of 138.25 invalidates this outlook. The first clue that the uptrend will be continued comes with the golden trendline breakout and then intraday resistance level breakout as well. Moreover, please be aware that the price is forming a falling wedge pattern as well.
Support/Resistance:
141.22- Swing High|WR1|
140.21 - Intraday Resistance
139.84 - Weekly Pivot
138.83 - Intraday Support
138.46 - WS1
138.25 - Blue Impulsive Count Invalidation Level
137.12 - WS2
Trading recommendations:
Day traders should consider opening buy positions only if the golden trendline is broken with SL below the level of 138.25 and TP open for now. Otherwise please refrain from opening positions.
