General overview for 01/08/2014 09:30 CET
Not much has changed in this pair since yesterday as green wave (iv) is still developing. When the corrective cycle is completed, one more wave to the upside is needed to finish the higher degree cycle. Breakout below the intraday support at the level of 137.33 invalidates this view.
Support/Resistance:
138.19 - WR3
138.02 - 138.08 - Wave (v) Target Zone
137.84 - Intraday Resistance
137.76 - WR2
137.49 - 137.62 - Technical Support
137.33 - Intraday Support
Trading recommendations:
Day traders should consider opening buy positions from the current price levels with SL below the level of 137.49 and TP at the level of 138.02 with a possible extension to 138.19.