General overview for 17/02/2015 09:30 CET

The pair made another lower low during the Asian session and is still slowly trading inside the neutral range zone. As the Elliott wave rules suggest, there is still one more wave to the downside missing in this wave development and if this scenario is correct, the intraday support at the level of 1.2418 and technical support at the level of 1.2348 should be tested and violated soon. The projected target is the zone between the level of 1.2251 - 1.2231. Please notice that this kind of very narrow consolidating range trading very often foreran violate market moves.

Support/Resistance:

1.2783 - WR2

1.2590 - WR1

1.2536 - Intraday Resistance

1.2506 - Weekly Pivot

1.2418 - Intrday Support

1.2348 - Technical Support

1.2250 - 1.2231 - Projected Target Zone

Trading recommendations:

The bias is still bearish and the sell orders from the last week should be still kept open and SL should be kept above the level of 1.2565 (entry was 1.2543, so it is only 22 pips). First level to add to the existing sell orders should be at the level of 1.2415. First TP orders should be placed at the level of 1.2349.