General overview for 16/12/2014 08:50 CET

As anticipated yesterday, the market is making another higher high and the bullish impulsive wave progression continues to advance higher. The level of 1.1666 has been just hit. So, currently it looks like the price will make some sub-corrective cycle in purple wave 4. When the correction is done, it will move even higher. A projected target for this wave is at the level of 1.1727. Please notice that the key level for the bullish bias is the intraday support at the level of 1.1590.

Support/Resistance:

1.1727 - WR2

1.1672 - Intraday Resistance

1.1666 - WR1

1.1590 - Intraday Support

1.1531 - Weekly Pivot

Trading recommendations:

The bias is still bullish as the larger time frame trends are still bullish. So is a near and mid-term outlook for this pair. Thus, buying the dips is the way to trade this pair. SL for swing traders should be placed below the level of 1.1590, TP should be placed at the level of 1.1727.