General overview for 28/02/2014 08:15 CET
The market is consolidating recent gains and violation of overnight high at the level of 1.1157 means the recent swing high at the level of 1.1192 will be tested or even broken. In case this line holds, the decline to the intraday support at the level of 1.1093 is possible and that would make wave b green even more complex and time consuming. Please notice that upside momentum is gradually decreasing and there is no impulsive wave development so far to either direction, so it is quite possible the market will stay in thigh consolidation range for today.
Support/Resistance:
1.1192 - Swing high
1.1167 - 1.1192 - Supply zone
1.1157 - Intraday resistance
1.1093 - Intraday support
1.1075 - Weekly pivot
1.1054 - Technical support
Trading recommendations:
In case of intraday resistance upside break out at the level of 1.1157 buy orders should be opened with SL below the level of 1.1135 and TP at the level of 1.1192 with a possible upside extension to the level of 1.1222.