General overview for 12/08/2014 14:50 CET

The alternate count of the yesterday's count for a triangle has been abandoned and now the wave progression looks more like a proper abc green irregular flat wave 4. However, the wave development might turn to be a larger scale triangle, but for now the market gives us no clear clues that this might happen soon. Anyway, the first target levels has been marked on the chart: the first one is intraday support at the level of 1.0904 and second one is another support and key level at the level of 1.0875. Those levels are the most probable zones for the whole corrective cycle completion and bullish rebound.

Support/Resistance:

1.1011 - WR1

1.0957 - Weekly Pivot

1.0928 - WS1

1.0904 - Intraday Support

1.0875 - WS2 | Wave 4 Red Target Level |

Trading recommendations:

Daytraders might consider to open long positions from the level of 1.0904 or the level of 1.0875, with the SL below the level of 1.0849 and TP above the level of 1.1010.