General overview for 26/03/2014 07.30 CET

Yesterday's recommendations were correct, the price fell to the target level, and currently is at the key level of 1.1152. From now on, the market might continue to retrace even deeper to the level of 1.1121 or bounce intraday to perform a weekly pivot test at the level of 1.1187 and then resume the retracement to the downside. From Elliott wave point of view, the market is now in wave 3 red that might get extended to the downside but a few corrections on the way down every now and then are absolutely correct.

Support/Resistance:

1.1277 - Swing High

1.1187 - Weekly Pivot

1.1152 - 50%Fibo|Technical Support|Key Level

1.1121 - 61%Fibo

1.1095 - WS1

1.1078 - 78%Fibo

Trading recommendations:

Short positions opened earlier should still be kept open as more downside price extension is anticipated.