General overview for 14/04/2015 09:05 CET
As anticipated yesterday, the top for wave b green had been established. Now, the market is in the last stage of a possible abc corrective cycle. The first target for wave c green of this cycle is at the level of 1.2564 and the next support is at the level of 1.2508. Please notice that although the corrective cycle should end rather soon, the correction might get more complex and time consuming. As long as the level of 1.2387 is not violated, the overall outlook remains bullish.
Support/Resistance:
1.2387 - Wave 4 Green Low
1.2440 - WS1
1.2553 - Weekly Pivot
1.2564 - Intraday Support
1.2636 - 1.2666 - Supply Zone
1.2718 - WR1
Trading recommendations:
Yesterday's sell orders should now be either closed at current price level or the trailing stop should be set. Please notice that the buying opportunity is likely to open up as soon as the corrective cycle is done.
