General overview for 12/12/2014 07:55 CET

As anticipated yesterday, the upward wave progression is unfolding nicely and the first target at the level of 1.1519 has been hit. Currently, the market is in the corrective cycle where wave c purple is missing for now. The target level for this wave is 1.1500. The rebound is expected from this level, that will eventually break out above the last temporary high at the level of 1.1550 and hit the last target this week at the level of 1.1579.

Support/Resistance:

1.1579 - WR2

1.1550 - Intraday Resistance

1.1519 - WR1

1.1500 - Intraday Support

1.1416 - Weekly Pivot

1.1396 - Intraday Support

1.1357 - WS1

1.1339 - Leading Diagonal Invalidation Level

Trading recommendations:

Day traders: buy stop entry from Wednesday from the level of 1.1460 has hit the first target at the level of 1.1519 and it might be still kept open as the TP is at the level of 1.1579. SL at break even.

Swing traders: please remember that the uptrend is still intact, and swing traders still should consider buying the dips as the market has to complete more waves to the upside. Only a sustained breakout below the level of 1.1189 invalidates the mid-term bullish outlook.