General overview for 16/12/2013 09:30 CET
The Friday's afternoon 100 pips rally in clear five wave structure was mostly retraced now. There is still a chance that upside continuation of the corrective cycle will be continued. This scenario is possible as long as the level of 1.0559 holds. This is a confluence level with lower technical channel line as well. The whole pattern would be an Ending Diagonal wave C green.
Any breakout below 1.0559 is bearish and lower prices will be seen.
Support/Resistance:
1.0709 - WR2
1.0667 - Technical Resistance
1.0644 - WR1
1.0607 - Intraday Resistance
1.0602 - Weekly Pivot
1.0559 - 1.0572 - Key Level
1.0534 - WS1
1.0509 - 1.0523 - Demand Zone
1.0493 - WS2
Trading recommendations:
Long positions should be in play as long as 1.0559 holds with SL just below it and possible TP at 1.0607 and 1.0623.