General overview for 11/07/2014 10:15 CET

The corrective cycle is getting more complex as the wave X brown of the overall larger cycle is unfolding. The target level for wave (c) blue of wave X brown is at the level of 1.0615. Then, some rebound is expected as one more wave to the upside is missing. The first projected target level for wave Y brown is at the level of 1.0695. So, the correction will still stay in the range zone. Any breakout higher or lower changes the outlook for this pair.

Support/Resistance:

1.0766 - WR3

1.0750 - Technical Resistance

1.0731 - WR2

1.0690 - WR1

1.0654 - Weekly Pivot

1.0645 - Intraday Resistance

1.0614 - WS1

1.0578 - WS2

Trading recommendations:

Short positions opened yesterday should still be kept open and the TP is at the level of 1.0615. Please, adjust the SL orders in case the structure has changed into the complex one. Careful trading is advised. Any other traders who does not feel comfortable about trading in ranges should refrain from trading until the corrective cycle is completed.