General overview for 13/10/2014 13:10 CET
The recent price action on this pair indicates some sort of possible gains consolidation just below the golden channel line, between the area of 1.1221 - 1.1158 with the key level being the intraday resistance at the level of 1.1221. The outlook and bias for this pair is still bullish, but the internal sub-cycle wave c green to the downside still seems to be missing. Please keep an eye on both intraday levels, because only a clear breakout above one of the levels will give more clues about further wave development.
Support/Resistance:
1.1291 - WR1
1.1277 - Technical Resistance
1.1221 - Intraday Resistance|Key Level|
1.1186 - Weekly Pivot
1.1158 - Intraday Support
1.1124 - Intraday Support
1.1108 - WS1
1.1070 - 1.1080 - Demand Zone|Key Level|
Trading recommendations:
The overall bias is still bullish and buying the dips in this market is advised. Nevertheless, some internal sub-cycles seem not to be completed, so please monitor the situation continuously and trade only if any of the intraday levels are clearly broken.
