General overview for 19/11/2014 07:30 CET

First impulsive wave (wave -i-) to the downside has been completed and now the market is in an internal corrective cycle labeled as wave -ii-. We expect more action on sub-wave c purple to the upside to complete the zig-zag structure in that wave; then downside trend reversal is likely to be seen. The confirmation of this scenario comes with the breakout of the 1.1259 level and it must be clear, five wave impulsive wave progression. Otherwise, the corrective cycle might be more complex and time-consuming.

Support/Resistance:

1.1120 - Wave 4 Blue Low

1.1173 - WS2

1.1224 - WS1

1.1220 - Green Alternative Count Invalidation Line

1.1265 - Technical Support

1.1311 - Weekly Pivot

1.1337 - Intraday Resistance

Trading recommendations:

Day traders should open sell orders from the current price level with SL just above the level of 1.1361 and TP at the level of 1.1220.