General overview for 22/12/2014 11:50 CET

As anticipated last time, the corrective cycle is getting more complex and time-consuming. Current wave progression indicates a possible triangle formation in wave Y brown and an upside breakout above the level of 1.1672 to complete wave 5 purple. The first target projection for this wave is at the level of 1.1733. Only a breakout below the level of 1.1500 would invalidate this scenario.

Support/Resistance:

1.1733 - WR2

1.1672 - WR1

1.1632 - Intraday Resistance

1.1610 - Weekly Pivot

1.1558 - intraday Support

1.1546 - WS1

1.1500 - Technical Support

Trading recommendations:

The impulsive wave progression has not been completed yet and traders should consider opening only buy orders from current price levels. SL orders should be placed below the level of 1.1558 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.