General overview for 26/12/2013 15:15 CET

The upside gap has occurred when market had opened today with the pair going higher to 143.52 level in new 4-year high.

The Elliott Wave labeling has been changed due to waves (i) and (ii) overlapse and new count is provided. The new labeling indicates a sooner than expecetd wave (iv) black termination and a triangle formation for wave iv black. The result is upside gap, that will be counted as small degree wave three. This means, that currently market is in small corrective cycle wave four and one more push higher is expected up to the level of 143.98. Then market should start to attempt to try to fill the gap.

Support/Resistance:

143.98 - WR2

143.53 - Swing High

143.30 - 142.63 - GAP ZONE

143.20 - WR1

142.88 - Technical Support

Trading recommendations:

The level of 143.30 is providing a temporary intraday support and any breakout below this level would be bearish and would mean a possible gap filling attempt. In this case SL should be above the level of 143.53 and TP at the level 142.88.