General overview for 13/02/2014 08:05 CET

The decline in price on this pair has not been finished yet and more lower prices are expected. The golden channel should provide healthy resistance and if the level of 139.17 is not broken, then downside should accelerate. The weekly pivot at the level of 138.87 should be violated and next support at the level of 138.67 should be broken as well. The target for this price is at the level of 138.14, but any breakout lower would start to put this count into question. The key level for bulls is grey rectangle area between the levels of 137.44 - 137.54.

Support/Resistance:

140.29 - Swing High

139.17 - Intraday Resistance

138.87 - Weekly Pivot

138.65 - Intraday Support

138.14 - Wave c green target

137.44 - 137.44 - Key Area for bulls

137.98 - WS1

Trading recommendations:

As long as the level of 139.17 provides the resistance, short positions should be opened with SL above the level of 139.55 and TP at the level of 138.15.