General outlook for 07/10/2013 10:00 CET

There is still no impulsive wave development in this pair and the triangle line breakout looks more and more like a fake one.

The Expanding Leading Diagonal wave 1 idea is rather close to invalidation, but I will give it one last chance, as the low of the wave (i) green has not been broken yet.

In case of this bullish scenario is invalidated then my guess is the price is going a little more lower, because the overall big picture might not be in favor of the bulls yet.

Nevertheless, the price is now in the support zone of 55DMA and green triangle trendline support, so it might be a little premature to draw out this kind of conclusions yet.

Support/Resistance:

130.93 - WS1

131.41 - 131.63 DEMAND ZONE

131.15 - Technical Resistance

132.20 - Weekly Pivot

132.98 - WR1

Trading recommendations:

As the bias is still to the upside, long positions should be in play from DEMAND ZONE with SL just below it and potential TP at 132.20