General overview for 09/04/2014 09:00 CET
The current labeling indicates two possible scenarios here and the difference is in wave iii black bottom placement. The main count indicates that wave v black has been finished at the level of 1.0909 and now it is time for a corrective cycle to the upside. The resistance for this cycle comes in at the levels of 1.0956 and 1.1000. However, if the wave progression will not be able to breakout above the key level, then one more sharp decline in this pair is expected.
Support/Resistance:
1.0909 - Intraday Low
1.0921 - WS1
1.0946 - Intraday Resistance
1.0956 - Key Level | Technical Resistance |
1.0995 - Weekly Pivot
Trading recommendations:
The downside trend starts to looks mature and correction to the upside is needed soon. Any swing traders are advised to close the sell orders if the level of 1.0956 is broken and wait for a further makers developments.