General overview for 31/03/2014 12:15 CET

The impulsive wave progression to the downside has been finished and now this pair is in corrective cycle. The first target level for a simple abc green correction is at the level of 1.1104, the previous wave 4 red area. In case of the upside extension there is red trendline resistance somewhere in the area of the 50% Fibo level at 1.1139. Please notice the the upside correction might be complex and time consuming and the would be nothing wrong with the corrective rally up to the level of 1.1171.

Support/Resistance:

1.1182 - WR1

1.1172 - 61%Fibo

1.1139 - 50%Fibo

1.1121 - 1.1104 - Technical Resistance

1.1090 - Weekly Pivot

1.1042 - Intraday Support

Trading recommendations:

Sell Limit orders should be opened from the level of 1.1104 with SL above the level of 1.1123 and TP at the level of 1.1042 with a possible downside extension.