General overview for 23/04/2014 10:40 CET
The corrective bounce in this pair has hit the technical resistance zone between the levels of 1.1023 - 1.1042 and it is below the golden trendline as well. There is a possibility of a one more leg higher to the level of 50%Fibo and then the the upward trend should reverse. The linear regression channel provides the resistance as well so the current price levels are good to open a short positions.
Support/Resistance:
1.1068 - 50%Fibo
1.1023 - 1.1042 - Technical Resistance Zone
1.0960 - First Target LevelĀ
Trading recommendations:
All the swing/position traders might want to open a sell orders from current price levels with SL above the level of 1.1086 and TP at the level of 1.0860 with a possible downside extension.