General overview for 14/01/2015 06:25 CET
The wave progression is developing just as anticipated with the latest three wave corrective cycle in wave -iv- blue being fully expected. Currently the correction looks completed and another impulsive wave to the upside is due. Please notice that the target for wave 5 purple might reach the even level of 1.2000, but the next weekly resistance level is at the level of 1.2200. Moreover, please notice there is a bearish divergence building on momentum oscillator as well - the deeper corrective cycle is imminent.
Support/Resistance:
1.2200 - WR3
1.2000 - Round Level|Psychological Resistance|
1.1993 - Intraday Resistance
1.1987 - WR2
1.1926 - WR1
1.1923 - Intraday Support
1.1895 - 1.1912 - Target Zone
1.1829 - Weekly Pivot
Trading recommendations:
The daytraders should keep an eye on 1.2000 round number, but there is still no confirmation, that the deeper corrective cycle has begun.