General overview for 26/11/2014 08:40 CET

The corrective cycle in wave -iv- blue looks to be completed as the price has broken below the yesterday's low. The leading diagonal scenarios, marked on the chart with thick blue lines, is still possible and all the requirement has been met so far except the last fifth wave to the downside. To complete this structure, the price should break below the level of 1.1230 and then finally below the level of 1.1190 before any meaningful correction will happen. Moreover, in that case the alternative count will be invalidated.

Support/Resistance:

1.1437 - WR2

1.1368 - Key Level

1.1326 - WR1

1.1276 - Intraday Resistance

1.1258 - Weekly Pivot

1.1224 - WS1

Trading recommendations:

Yesterday's buy trade has been closed as the price has hit our trailing stop loss order with profit. Currently, another trade setup might be considered by day traders: classical breakout trade using sell stop order from the level of 1.1230 with SL above the level of 1.1276 and TP at the level of 1.1190.