General overview for 04/12/2013 08:40 CET

Last stages of impulsive wave progression that is lacking a momentum and most of the waves are overlaping itself is very characteristic for Ending Diagonal termination pattern.

The Bearish Divergence is visible on H1 and H4 chars and that supports the main bearish view as well.

Nevertheless, there is one more push possible here (news spike up) into 100%Fibo Ext @ 1.0693 level before reversal IF grey rectangle zone is broken.

In the chart there is indicated a possible beginning of the wave progression to the downside in purple colour.

Support/Resistance:

1.0693 - 100%Fibo Ext

1.0671 - WR1

1.0660 - 61%Fibo Ext

1.0637 - 35%Fibo Ext

1.0625 - Intraday Support

1.0600 - Technical Support

Trading recommendations:

If you are still long from much lower levels this is Your chance to exit the positions because bias is now to the downside.

For intraday scalpers, short positions should be in play here: entry @ 1.0696 SL 1.0711, TP 1.0650.