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

There is one more wave to the downside needed to complete wave B green of the correction before the upside trend will resume. The most important area right now is the grey rectangle zone between the levels of 1.1016 - 1.1027, marked as supply breakthrough zone or the key level. Any breakout to the downside is bearish and wave B green next support would be at the level of 1.0968. Please notice that to confirm the upside progression, the price must break out above weekly pivot and the golden trend line to challenge the recent swing high. On the other hand, the alternate scenario indicates a possible completion of wave 2 at the level of 1.1192, and to confirm this point of view, the market must break below the level of 1.0910.

Support/Resistance:

1.0895 - WS3

1.0967 - WS2

1.0969 - 78%Fibo

1.1016 - 1.1027 Supply breakthrough zone

1.1016 - WS1

1.1038 - Intraday support

1.1079 - Intraday resistance

1.1087 - Weekly pivot

1.1135 - WR1

1.1156 - Technical resistance

Trading recommendations:

Please keep an eye on the key level, and this area should be a buy zone for bulls with SL below 1.1000 and TP at the level of 1.1087 and 1.1124.