General overview for 08/10/2014 09:30 CET
The lower channel line is still providing a support for bulls as the market keeps bouncing from it every now and then. From Elliott Wave point of view, the price has made a triangle shaped structure and the market is ready for an upside breakout. The first level of interest would be weekly pivot at the level of 1.1211 and the next one would be the lest swing high at the level of 1.1263. Please notice, that the alternative labeling indicates more complex corrective cycle in wave (2) and the recent upward progression might be wave X brown of this cycle. Only breakout higher above the level of 1.1277 invalidates this view. Support/Resistance:
1.1070 - 1.1080 - Demand Zone
1.1110 - Intraday Support
1.1154 - WS1
1.1194 - Intraday Resistance
1.1211 - Weekly Pivot
1.1278 - Technical Resistance Trading recommendations:
Buy stop orders from the level of 1.1183 with SL below the level of 1.1110 and TP at the level of 1.1222 has been triggered and are in play. SL might be now moved higher to the level of 1.1129.
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