General overview for 02/01/2014 11:00 CET

Today we will take more broader look at this pair on weekly, daily and intraday charts.

From the bigger perspective view the Elliott Wave count on the weekly chart still shows the possibility of another high that could be made as long as the DEMAND ZONE between the levels of 138.25 - 139.50 will provide the support. Only if this level is broken, the price might test the lower levels of the previous wave four area.

The count on daily chart with the alternate labeling of wave 4 black Triangle pattern looks unfinished as well. There are missing waves 4 and 5 purple of the overall impulsive wave progression.

The intraday range zone indicated couple of days ago has been maintained and as long as support zone holds the line, the price is about to be ready to make another high. Please notice that on H4 time frame chart the price stays within the blue uprising channel and currently is testing the Weekly Pivot level. The H1 chart clearly shows that only a breakout below the SUPPORT ZONE is bearish and, according to the EW labeling, a Triangle breakout to the upside is expected here.

Support/Resistance:

146.71 - WR1

145.68 - Swing High

145.14 - Intraday Resistance

144.34 - Intraday Support

144.26 - Weekly Pivot

143.52 - Invalidation Line

Trading recommendations:

As long as the support zone between the levels of 144.18 - 144.34 holds, long positions should be in play with SL below the level of 144.17 and TP at the level of 145.16 and 145.68.

Breakout below 144.17 is bearish.