General overview for 05/12/2014 08:30 CET

The complex and time-consuming corrective cycle continues to unfold, making rather limited progression so far. This pair is range bounded and next breakout might be crucial for providing more clues about possible further price movement. Nevertheless, the bias is still to the upside in the near and mid - term, even intraday. Any breakout above the intraday resistance at the level of 1.1422 is bullish and the market should try to break out even higher to test the recent swing high at the level of 1.1454.

Support/Resistance:

1.1454 - Swing High

1.1446 - 1.1465 - Supply Zone

1.1422 - Intraday Resistance

1.1379 - Weekly Pivot

1.1339 - Intraday Support

1.1317 - WS1

1.1296 - Wave Z Brown Target Level

Trading recommendations:

The day traders should wait for the range breakout to trade this market in the proper direction. Please remember that the uptrend is still intact and swing traders still should consider buying the dips as the market has to complete more waves to the upside.