General overview for 24/10/2014 10:40 CET
After an impulsive breakout above the golden channel yesterday the pair is consolidating gains and more upside is being anticipated as it looks like wave -iii- blue might be developing here. The key level to the upside is still the intraday resistance at the level of 137.00 and as long as the intraday supports at the levels of 136.50 and 136.26 will provide the opportunity to buy, more upside is being anticipated here. Moreover, a break above the level of 137.00 is bullish and the level of 137.87 will be tested sooner or later anyway.
Support/Resistance:
137.86 - WR1
137.77 - 137.94 - Supply Zone
136.99 - Intraday Resistance
136.50 - Intraday Support
136.25 - Intraday Support|Key Level|
135.99 - Weekly Pivot
135.27 - WS1
134.11 - Swing Low
Trading recommendations:
Day traders should consider opening buy stop orders from the level of 137.02 with SL below the level of 136.49 and TP at the level of 137.86. Swing traders should put SL below the level of 135.27 and wait for further impulsive wave progression to the upside.