General overview for 29/01/2014 08:00 CET

A new marginal high was made yesterday and the impulsive bearish count has been invalidated due to wave one and wave two overlaps. This is why new count has been made and this one suggestes more impulsive wave progression to the upside, as long as the level of 1.1118 is not violated. If it is, then the immediate impulsive reaction to the downside should follow. However, there is one more possibility in wave development inside of the wave 5 blue: an ending diagonal formation. This formation is possible to develop as long as the low of the wave 2 red at the level of 1.1076 is not broken.

Support/Resistance:

1.1303 - WR2

1.1185 - WR1

1.1175 - Swing High

1.1125 - 1.1134 - Intraday Support Zone

1.1118 - Wave 1 red high

1.1076 - Wave 2 red low

1.1061 - Weekly Pivot

1.1029 - 1.1017 - Techncial Support Zone

Trading recommendations:

As long as the level of 1.1118 is not broken, the long positions should be open with SL below 1.1076 and TP at the level of 1.1850 and 1.1303.