General overview for 11/06/2014 10:50 CET
The golden descending trendline has prevented the market from going higher and it acts as a dynamic resistance now. The market reversed and made another fractional low here. That means the corrective cycle is getting more complex and time consuming. Currently there is one more wave to the downside missing to complete the complex correction - wave Y brown. Projected target zone is at the level of 1.0868.
Support/Resistance:
1.0868 - WS1
1.0886 - Intraday Support
1.0903 - Intraday Resistance
1.0914 - Weekly Pivot
Trading recommendations:
Daytraders should consider opening sell orders from current price levels with SL above the level of 1.0904 and TP at the level of 1.0868. with possible downside extension. Breakout below the level of 1.0886 is bearish and sell stop orders might be placed at the level of 1.0879.