General overview for 16/03/2015 08:40 CET

According to Elliott wave theory, it is still possible for this market to make a bounce from two support levels indicated on the hourly chart. If the bounce/reversal occurs above intraday support at the level of 1.2704, the correction will be an (a)(b)(c) running flat. If the bounce/reversal occurs above the level of 1.2595, the correction will be an (a)(b)(c) irregular flat. Please notice that this count is valid only in case the wave progression is a part of an impulsive wave (5) to the upside and lack of impulsive market behavior might be the first clue that wave 4 green of a higher degree is in progress. Nevertheless, any breakout above the level of 1.2821 is bullish.

Support/Resistance:

1.2917 - WR1

1.2821 - Intraday Resistance

1.2746 - Weekly Pivot

1.2704 - Intraday Support

1.2668 - WS1

1.2596 - Technical Support

Trading recommendations:

Daytraders should consider opening buy orders if:

- the level of 1.2821 is clearly violated with a minimum H1 close above this level. SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.

- the level of 1.2704 provided a clear bounce to the upside, SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.

- the level of 1.2596 provided a clear bounce to the upside, SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.