General overview for 06/06/2014 09:50 CET

There is strong resistance at the level of 1.0958 and the market has been trying to break through it for three times already but no avail. The current wave development suggests a little lower retracement in wave c green before another attempt will be made. The key level for wave c green corrective cycle is at 1.0888 and a uptrend resume is expected there. In case of any breakout lower, next support comes with the level of 1.0874. Please notice that on the higher time frames, we are still looking for a possible termination of an upward wave progression to complete wave 2 black of a bigger corrective cycle in the shape of either running or irregular flat. Only a breakout below the level of 1.0821 means that this corrective cycle has been finished.

Support/Resistance:

1.0958 - Intraday Resistance

1.0936 - WR3

1.0911 - WR2

1.0900 - Intraday Support

1.0888 - Intraday Support

1.0874 - WR1

Trading recommendations:

Daytraders should consider opening buy limit positions from the level of 1.0888 with SL below the level of 1.0874 and TP at the level of 1.0936 with a possible extension upward to the level of 1.0959.