General overview for 27/05/2014 08:10 CET
The alternate green impulsive count has been invalidated due to a potential wave i and wave ii overlaps. The current wave progression looks like wave (b) blue is still forming and the market is moving inside of the red channel. Only a breakout from that channel above the golden trendline would be bullish, otherwise the market might want to test the lower levels of technical support before any meaningful bounce will happen.
Support/Resistance:
1.0818 - WS1
1.0834 - Technical Support
1.0851 - Intraday Resistance
1.0880 - Weekly Pivot
1.0910 - WR1
Trading recommendations:
Daytraders should consider opening a buy positions from the level of 1.0834 with SL below the level of 1.0818 and TP at the level of 1.0851 with a possible extension upward to the level of 1.0880. Only a clear breakout above the level of 1.0880 is a valid signal to add to the long position.