General overview for 16/04/2015 07:50 CET

The impulsive wave progression to the upside had been invalidated due to wave 2 and wave 1 overlaps and now the alternative count is in play. That suggests more decline coming soon. The key level is the old demand zone between the levels of 1.2351 - 1.2386 and any breakout higher will be considered as the first bullish sign. Please notice that the market is currently in wave 4 green corrective cycle that is getting more complex and time consuming as previously thought, but there is still one more wave to the upside to be made in the near future. Mid-term outlook is still bullish.

Support/Resistance:

1.2250 - Intraday Support

1.2276 - WS2

1.2387 - Technical Resistance|Key Level|

1.2440 - WS1

Trading recommendations:

The corrective wave (b) blue cycle is providing the opportunity to open buy orders with initial SL below the level of 1.2249 with TP at the level of 1.2387.