General overview for 02/12/2014 11:35 CET
The corrective cycle labeled as wave X brown might have been completed, but so far there is not much of evidence that the price is resuming the impulsive wave progression to the downside in order to complete the correction in leg Y brown. Instead, the market is trading in the tight range zone and breakout above the intraday resistance at the level of 148.14 is needed for the price to test the latest swing high at the level of 149.15. Otherwise, the bias is still bearish as long as no new high is made.
Support/Resistance:
149.11 - WR1
148.09 - Intraday Resistance
147.40 - Intraday Support
147.34 - Weekly Pivot
146.65 - WS1
145.68 - Technical Support
144.89 - WS2
144.54 - 144.74 - Minimum Target Projection Level
Trading recommendations:
As long as no new high is made, traders should still consider selling this pair from the current market levels with SL above the level of 148.14 and TP at the level of 144.77.