General overview for 27/03/2014 11:50 CET

The five wave impulsive decline has been finished and now it is correction time. The first target level for the corrective wave a green is at the level of 1.1121, but the key level is little higher, at the level of 1.1141-1.1152. Only a sustained breakout above this level would change the intraday bearish outlook for this pair. When correction is completed, more downside is anticipated.

Support/Resistance:

1.1187 - Weekly Pivot

1.1152 - 1.1141 -Technical Resistance

1.1121 - Wave a target level

1.1096 - WS1

1.1078 - 78%Fibo

1.1024 - Swing Low

Trading recommendations:

As long as the price stays below the level of 1.1152, sell orders should be opened with entry at the level of 1.1121, SL above the level of 1.1153 and TP at the level of 1.1078 and 1.1024.