General overview for 05/11/2015 08:20 CET
The growing bullish divergence warns traders of a bullish reversal coming. This point of view is supported by the current Elliott wave count, where wave c purple is needed to complete the larger degree cycle in wave (b) blue. The first possible target is around the golden channel trend line resistance and demands breakthrough zone resistance between the level of 133.70 - 133.91.
Support/Resistnace:
130.50 - WS2
131.60 - Intraday Support
131.75 - WS1
132.24 - Intraday Resistance
132.82 - Weekly Pivot
Trading recommendations:
Day traders should consider opening buy orders only if the level of 132.24 is violated, with tight SL (10-15 pips) and TP at the level of 133.30.
