General overview for 19/03/2014 09:00 CET

The five wave impulsive movement to the upside has been finished just above the grey rectangle zone as anticipated yesterday. Currently, the price is at the key level of resistance and just about 60 pips from the top of the supply zone at the level of 1.1192. Any breakout higher above the level of 1.1152 would invalidate green bearish impulsive count, but to invalidate the higher time frame bearish count, the price must break above the level of 1.1193. On the other hand, if the key level holds, then price should start to develop a downside wave progression in impulsive fashion, breaking the intraday support at the level of 1.1101 and start to test weekly pivot level from the upside.

Support/Resistance:

1.1192 - Supply zone top boundary | Invalidation line |

1.1157 - Technical Resistance

1.1150 - WR1

1.1141 - Intraday Resistance

1.1101 - Intraday Support

1.1098 - Weekly Pivot

Trading recommendations:

Sell limit orders should be in opened from the level of 1.1141 with SL above 1.1159 and TP at the level of 1.1101.