General overview for 24/03/2014 09:30 CET

There are two possible counts present on this pair, and the key level to the upside is a small intraday supply zone between the levels of 1.1255 - 1.1262. Breakout higher would mean that the main count is invalidated and the alternate count is in play. The target for the wave (v) then would be at the level of 1.1306 (min). On the other hand, if the supply zone holds, the market should reverse impulsively to the downside. That would mean the correction is a simple zigzag, but only a breakout lower below the wave 1 red bottom would confirm this scenario and more lower prices might be expected.

Support/Resistance:

1,1306 - Min. Target for wave (v)

1.1277 - Swing High

1.1255 - 1.1262 - Supply Zone

1.1187 - Weekly Pivot

1.1141 - 1.1152 - Technical Support

Trading recommendations:

Sell limit orders should be opened from the level of 1.1255 with SL above the level of 1.1263 and TP at the level of 1.1187.