General overview for 07/10/2014 10:00
The unexpected decline from the highs at the level of 1.1277 forced a change in wave labeling in this pair. The bias is still bullish but currently it looks like the market has developed more complex wave (2) black in form of abc green running flat correction. Moreover, the market is moving inside of a blue channel and so far it bounces up from lower channel boundary. Nevertheless, only a violation of the intraday resistance at the level of 1.1182 is bullish as the market is moving inside of the daily range so far.
Support/Resistance:
1.1070 - 1.1080 - Demand Zone
1.1110 - Intraday Support
1.1154 - WS1
1.1182 - Intraday Resistance
1.1211 - Weekly Pivot
1.1278 - Technical Resistance
Trading recommendations:
Daytraders should consider opening buy stop order at the level of 1.1183 with SL below the level of 1.1110 and TP at the level of 1.1222 with a possible extension to the level of 1.1277.
