General overview for 05/05/2015 08:30 CET

Despite the fact that market is still trading inside the bearish zone, there are first clues that the mid-term bottom might be in place. After making five waves to the upside, the price had tested the golden trend line and now it is bouncing from it. Any breakout above the intraday resistance at the level of 1.2132 will be considered bullish and higher levels are expected later today.

Support/Resistance:

1.1944 - Swing Low

1.2029 - WR1

1.2089 - Intraday Support

1.2115 - Weekly Pivot

1.2132 - Intraday Resistance

1.2202 - Intraday Resistance

1.2286 - WR1

Trading recommendations:

The bias is still bullish. Buy orders opened last week should be still kept open as the market is approaching the key resistance at the level of 1.2325. A higher breakout means another buy orders should be opened with SL below the swing low at the level of 1.1943.