General overview for 14/05/2015 10:20 CET

As anticipated, the last wave down in the overall corrective structure of wave 4 green labeled as wave (c) blue might have been completed and now the market is ready for a trend resumption. Nevertheless, the price must break out higher above the intraday resistance at the level of 1.1978 to support this view and move even higher to test (and possibly break) the golden trend line.

Support/Resistance:

1.1918 - Swing Low | Intrday Support |

1.1964 - WS1

1.1978 - Intraday Resistance

1.2073 - Weekly Pivot

Trading recommendations:

Daytraders and swingtraders should consider to open buy orders from current market levels with SL below the level of 1.1917 and TP at the level of 1.1978. Please notice that more upward progression is possibe if this level is violated. So, a trailing stop loss might be very handy to lock some profits on the way up.