General overview for 15/05/2014 08:00 CET

The anticipated level of 139.25 has been missed by mere 20 pips and so far it looks like the main impulsive wave progression has been completed and the corrective cycle is due. The first resistance is the level of 139.88 and any breakout higher means that the 61%Fibo at the level of 140.37 will be possibly tested. The bullish divergence at the momentum oscillator supports this point of view. This is only a short-term corrective cycle and the long-term bias remains bearish.

Support/Resistance:

139.25 - Technical Support

139.45 - Intraday Support

139.88 - Intraday Resistance

140.37 - 61%Fibo

140.61 - Weekly Pivot

Trading recommendations:

Daytraders should open buy stop positions if the level of 139.90 is broken with SL below the level of 139.44 and TP at the level of 140.37.

Swing traders should still keep the running short positions as lower prices are still expected.