General overview for 22/12/2015 09:00 CET

The recent upswing looks quite corrective and the whole structure can evolve into a more complex corrective cycle. Any kind of a breakout higher above the level of 132.45 might lead to more gains in this pair as the wave XX brown might develop. Please notice the invalidation line or the whole structure is seen at the level of 129.65.

Support/Resistance:

134.82 - WR2

134.57 - Swing High

133.11 - WR1

132.45 - Intraday Resistance

132.06 - Weekly Pivot

131.04 - Intraday Support

130.68 - WS1

129.65 - Invalidation Level

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 132.45 and TP at the level of 131.20.