General overview for 15/06/2015 13:30 CET

There are two possible counts for the current wave progression on this pair and both are about corrective wave (iv) green cycle labeling. The first scenario assumes that the wave (iv) green had been completed as three wave correction labeled abc green, and now the impulsive sell-off in wave (v) green is expected. The second alternative scenario indicates a possibility of a more complex correction in wave (iv) green in a form of a triangle without an immediate sell-off yet. The most important level for both of the scenarios is the invalidation level at the level of 1.2434 because any violation of this line will invalidate both counts for wave (iv) green.

Support/Resistance:

1.2451 - WR1

1.2434 - Green Impulsive Count Invalidation Line

1.2351 - Intraday Resistance

1.2326 - Weekly Pivot

1.2267 - Intraday Support

1.2204 - Swing Low

Trading recommendations:

Aggressive daytraders might consider opening sell orders from current market levels with very tight SL (10-20 pips) and TP at the level of 1.2267 with a possible extension downwards to the level of 1.2204.