General overview for 03/06/2014 08:10 CET
The impulsive wave progression is developing as planned. There are three waves present on the chart and now the market is in a small corrective cycle wave iv and an upside breakout is expected to complete the impulsive wave progression. The min. target is the old high of the wave (a). . Please notice that a breakout below the intraday support at the level of 1.0888 will invalidate a possible triangle in wave iv.
Support/Resistance:
1.0941 - Wave (a) Top
1.0936 - WR3
1.0911 - WR2
1.0888 - Intraday Support
1.0874 - WR1
1.0846 - Weekly Pivot
Trading recommendations:
Daytraders might consider opening buy stop orders if the level of 1.0911 is broken, with SL below the level of 1.0888 and TP at the level of 1.0936.