General outlook for 20/11/2014 10:30 CET
The corrective cycle is still in progress but there are first clues that the downtrend might resume soon to complete the remaining waves in the downward cycle. Only a clear breakout above the level of 1.1394 would invalidate the current bearish outlook and put the recent swing highs into the test.
Support/Resistance:
1.1120 - Wave 4 Blue Low
1.1173 - WS2
1.1224 - WS1
1.1265 - Technical Support
1.1308 - Intraday Support
1.1311 - Weekly Pivot
1.1369 - Intraday Resistance
1.1394 - Blue Impulsive Count Invalidation Line
Trading recommendations:
Day traders should keep the opened sell orders with SL just above the level of 1.1394 and TP at the level of 1.1220.
