General overview for 07/04/2015 07:10 CET
The impulsive wave progression to the upside is developing rather slowly as the market made a false upside break out yesterday. The key thing to gain in this pair is a more bullish price actions above the golden trend line and the test of the level of 1.2556 from the downside. A lack of this kind wave development is likely to result in impulsive progression invalidation and more complex and time consuming corrective cycle.
Support/Resistance:
1.2411 - Invalidation Level
1.2431 - Intraday Support
1.2506 - Intraday Resistance
1.2556 - Technical Resistance
Trading recommendations:
Daytraders should consider opening buy orders from the current market levels with SL below the level of 1.2411 and TP at the level of 1.2555.