General overview for 06/05/2015 11:50 CET

The corrective cycle to the downside looks like a typical zig-zag pattern that completed the downside move at the level of 78% Fibo and now might be ready to reverse higher. The intraday support at the level of 1.2003 should provide enough strength for a bounce, but the real hurdle is at the intraday resistance at the level of 1.2086. Only a sustained, impulsive breakout above this level will be considered as the beginning of a new impulsive wave to the upside.

Support/Resistance:

1.1943 - Swing Low

1.9999 - 78%Fibo

1.2003 - Intraday Support

1.2086 - Intraday Resistance

1.2115 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening buy orders from the current market levels with SL below the level of 1.1999 and TP at the level of 1.2086 with a possible extension higher to the level of 1.2130.