General overview for 03/06/2014 08:00 CET
The corrective cycle in the shape of an irregular flat (a)(b)(c) simple correction is about to be finished and the first clue comes with a downside breakout below the level of intraday support at the level of 139.10. This point of view is being supported by diminishing momentum on oscillators and negative divergence on the RSI indicator. Nevertheless, if this corrective cycle will get any more complex, then irregular flat market might move little higher to complete the correction.
Support/Resistance:
139.47 - WR1
139.35 - Intraday Resistance
139.10 - Intraday Support
138.73 - Weekly Pivot
Trading recommendations:
Daytraders might consider opening sell stop orders if the level of 139.10 is broken, with SL above the level of 139.35 and TP at the level of 138.73.