General overview for 13/04/2015 10:10 CET

The impulsive wave progression to the upside had been finished. Now, the market is in a corrective cycle that needs two more waves (labeled as b, c green) to be completed before resuming the uptrend. Please notice that any breakout higher above the level of 1.2666 will be considered bullish, but as the market might not be entirely in the impulsive cycle just yet, this bullish move might be as well a part of a bigger zig-zag wave. That would mean the corrective cycle wave 4 green from the level of 1.2387 has not been finished just yet and more time is needed to complete this cycle. Only an impulsive vertical breakout above the level of 1.2832 with a minimum H1 candle close above might be the first clue of the upcoming last impulsive wave to the upside.

Support/Resistance:

1.2387 - Wave 4 Green Low

1.2440 - WS1

1.2553 - Weekly Pivot

1.2564 - Intraday Support

1.2636 - 1.2666 - Supply Zone

1.2718 - WR1

Trading recommendations:

Day traders should consider opening sell orders from the level of 1.2666 with SL above the level of 1.281 and TP1 at the level of 1.2564 and TP2 at the level of 1.2508.