General overview for 06/10/2014 11:00 CET
The wave progression is developing as anticipated, making higher highs in the impulsive cycle that has not been finished yet. Currently small internal corrective cycle in wave -iv- blue looks to be completed and another higher high should be made in order to complete wave 3 red with projected target at the level of 1.1300. The key level for this count is at the level of 1.1175 because any violation of this level invalidates the red bullish impulsive count.
Support/Resistance:
1.1277 - Technical Resistance
1.1245 - Intraday Resistance
1.1222 - 1.211 - Demand Zone
1.1211 - Weekly Pivot
1.1175 - Invalidation Line
1.1154 - WS1
1.1012 - WS2
Trading recommendations:
Swingtraders with opened buy orders should still hold those positions open and wait for another high in this market before cash in.
Daytraders should pay attention to the mentioned key level and, on the other hand, to the technical resistance level as any breakout higher would provide a great opportunity for a quick scalp trade.