General overview for 21/07/2014 14:45 CET

The impulsive wave progression is developing rather slowly in this market but current labeling suggest more immediate downside risk as the possibility of wave three is very high. Any breakout below the level of 1.0711 confirms this view and lower levels should be expected then. Nevertheless, any breakout higher above the key level invalidates the main bearish impulsive count. The last swing high at the level of 1.0794 might be tested again. Please, notice that the medium outlook remains bearish and only a sustained violation of the level of 1.0794 invalidates this view.

Support/Resistance:

1.0794 - Swing High

1.0775 - WR1

1.0765 - Intraday Resistance

1.0741 - Weekly Pivot

1.0726 - Intraday Support

1.0695 - Techncial Support

Trading recommendations:

Swing and day traders should keep the short positions open with SL above the level of 1.0794 and TP below the level of 1.0625.