General Overview for 21/05/2014 07:40 CET
The wave structure is developing the way it was anticipated with current small cycle in a potential wave (iv) green still being capped by the supply zone between the levels of 1.0917 - 1.0925. There is still a possibility of triangle structure in wave (iv) green, where waves a, b and c are now completed and two more waves are missing here: d and e green. Only a clear breakout above the supply zone would invalidate the triangle idea.
Support/Resistance:
1.0917 - 1.0925 - Supply Zone
1.0917 - Intraday Resistance
1.0897 - WR1
1.0890 - Intraday Support
1.0874 - Weekly Pivot
Trading recommendations:
Daytraders should open short positions as close as possible to the level of 1.0917 with SL above the level of 1.0931 and TP at the level of 1.0890 and 1.0870.