General overview for 09/04/2014 09:30 CET
The five wave impulsive structure has been finished and now it is a correction time for this pair. As long as the key level provides the support, the outlook is to the upside for intraday traders. The intraday golden trendline breakout is the first clue the correction is developing and higher prices are expected up to the level of 141.11 and 141.35 (38%Fibo). However, if the key level of intraday support is broken, then there is a possibility of another test of the recent intraday low at the level of 140.05.
Support/Resistance:
139.78 - WS2
140.05 - Intraday Low
140.44 - Intraday Support | Key Level |
140.88 - 23%Fibo
141.11 - Intraday Resistance
141.35 - 38%Fibo
Trading recommendations:
The downside trend is mature and correction to the upside is needed soon. Any swing traders are advised to close the sell orders if the level of 140.89 is broken (H1 close above this level) and wait for a further makers developments.