General overview for 07/05/2014 09:20 CET

The demand zone marked as the grey rectangle has been broken and now it will act as a supply/resistance zone. The anticipated five wave impulsive wave progression is almost completed as the wave v black is needed. The first target for this wave is at the level of 1.0857, but downside extension is possible. Then the market should bounce and start an upward corrective cycle.

Support/Resistance:

1.0857 - Target for wave v

1.0873 - Intraday Support

1.0878 - WS2

1.0895 - Intraday Resistance

1.0932 - WS1

Trading recommendations:

All sell orders that has been advised to open from higher levels should be covered at the level of 1.0857. Corrective cycle is ahead.