General overview for 16/02/2015 12:55 CET

The market has broken out of the golden corrective channel and tested it in form of the wave b green. Currently, the price should continue lower, but please notice, that the wave b green might not have been finished yet and market might try to test the weekly pivot at the level of 1.2506, before reversing to the downside. Nevertheless, the most important level for bulls is the intraday support at the level of 1.2418 because any breakout lower opens the road to the technical support at the level of 1.2348. The projected target for wave Y brown is the orange rectangle area between the levels of 1.2252 - 1.2231.

Support/Resistance:

1.2783 - WR2

1.2590 - WR1

1.2536 - Intraday Resistance

1.2506 - Weekly Pivot

1.2418 - Intrday Support

1.2348 - Technical Support

1.2250 - 1.2231 - Projected Target Zone

Trading recommendations:

The sell orders from the last week should be still kept open and SL should be kept above the level of 1.2565 (entry was 1.2543, so it is only 22 pips). First level to add to the existing sell orders should be at the level of 1.2415. First TP orders should be placed at the level of 1.2349.