General overview for 15/04/2015 11:10 CET

The extended wave c green to the downside developed just as anticipated. Now, the impulsive wave progression to the upside is expected to start. The first two impulsive waves are done, but the whole sub cycle had not been finished yet as the key level is intraday resistance at 1.2562. Only an impulsive breakout above this level would indicate the first clue that a new impulsive wave is in progress. On the other hand, any failure at the level indicates more complex and time consuming corrective cycle in wave 2 black.

Support/Resistance:

1.2387 - Wave 4 Low

1.2440 - WS1

1.2496 - Intraday Support

1.2553 - Weekly Pivot

1.2562 - Intraday Resistance

Trading recommendations:

Daytraders should consider opening buy orders from the current levels with SL below the level of 1.2495 and TP at the level of 1.2562 with a possible extension higher to the level of 1.2636