General overview for 05/09/2014 09:15 CET

The corrective cycle might be regarded as completed. The demand zone where buyers are present is between the levels of 1.0809 - 1.0839. Nevertheless, the market is still below the weekly pivot. Besides, breakout higher is needed to confirm that the bullish impulsive wave progression is taking place. Please notice, that any violation of the level of 1.0819 invalidates the impulsive red count and puts the alternative count in play. That means lower prices will be seen with projected target levels at 1.0740.

Support/Resistance:

1.0809 - 1.0839 - Demand Zone

1.0819 - Intraday Support |Invalidation Level |

1.0887 - Weekly Pivot

1.0907 - Intraday Resistance

1.0945 - Intraday Resistance

1.0965 - WR1

Trading recommendations:

Sell orders should still be in play with SL lowered to the level of 1.0940 and TP at the level of 1.0745. However, please notice that the lower time frames are not supporting the current wave progression and any breakout above 1.0940 is bullish, so buy orders should be opened instead.