General overview for 13/08/2014 16:30 CET

The yestrady's green wave b target has been hit to the pip. The anticipated upside rebound might actually have been completed as the whole corrective structure looks finished. The market is still trading in the bearish zone and further down slide in this pair is expected. The first confirmation of this view comes with the weekly pivot breakout and then failure on the intraday support at the level of 136.35.

Support/Resistance:

135.71 - Swing Low

135.80 - WS1

136.21 - Target Level #2

136.55 - Target Level #2 |Intraday Support|

136.58 - Intraday Support

136.85 - Weekly Pivot

137.10 - Intraday Resistance

137.55 - Technical Resistance

Trading recommendations:

Day traders should consider closing or using trail stops on the long positions opened yesterday at the level of 136.21. The target of 137.33 is still possible but breakout below 136.85 should be the trigger to close this long orders.