General overview for 31/10/2013 08:40 CET

The corrective wave 2 OR (b) has been finished with (w)(x)(y) complex corrective Double Three pattern at 134.40.

Currently, the pair is in the first stages of impulsive decline that might reach the level of 133.68 - 133.58.

Sub-wave (iv) has resistance so far at 134.80, but it can move a little bit higher to the 135.00 level, before reversing to the downside again. It would make another H&S pattern again, little bigger that the last one.

The breakout to the downside from the uprising golden channel is needed to confirm further weakness. Please notice the Weekly Pivot level and lower channel line are providing support now.

The real key level to the downside here is 134.25 Technical Support level. If the price will break below this level, then a test of 133.58 is in view.

Support/Resistance:

135.50 - Swing High

134.74 - 38%Fibo

134.60 - Weekly Pivot

134.51- 50%Fibo

134.30 - 134.25 - 61%Fibo | Technical Support |

133.99 - 133.88 - 78%Fibo | Technical Support |

133.68 - 133.59 - WS1 | Techncial Support |

Trading recommendations:

Short positions should be in play if channel trend line is broken below Weekly Pivot with TP1 at 134.25 and TP2 at 133.88. Tight SL.