General overview for 01/06/2015 11:20 CET
The corrective cycle continues in this pair and the price is bouncing slightly after hitting 38.6%Fibo retracement. That means the idea of a corrective structure in the shape of a triangle is still valid and a first leg down of this pattern has been done. The intraday golden trend line has been broken as well and this is a first clue that the market is making another leg to the upside, wave b purple.
Support/Resistance:
1.1935 - WR1
1.1842 - Swing High
1.1811 - Intraday Resistance
1.1752 - Weekly Pivot
1.1728 - Intraday Support
1.1671 - Technical Support
Trading recommendations:
The buy orders from yesterday should be still kept open. SL below the level of 1.1728 and TP at the level of 1.1842
