General Overview for 02/06/2014 09:05 CET

The reaction from the level of technical support has been capped by the upper red channel line and price is now trying to breakout higher. The key level is intraday resistance at the level of 1.0854 and a breakout above is needed to confirm further impulsive wave progression. The next resistance level would be WR1 at the level of 1.0871 and a breakout higher would mean that supply zone will be tested. Please remember that this count is an attempt of (a)(b)(c) blue irregular flat wave progression in wave 2 black, so we are looking for wave (c) to go beyond the top of the wave (a). The specific target is at the H4 chart.

Support/Resistance:

1.0810 - WS1

1.0812 - 1.0821 - Technical Support

1.0836 - Intraday Support

1.0846 - Weekly Pivot

1.0854 - Intraday Resistance |Key Level|

1.0874 - WR1

1.0911 - WR2

Trading recommendations:

Daytraders should consider opening buy stop orders if the level of 1.0854 is broken with SL below the level of 1.0836 and TP at the level of 1.0874 .