General overview for 28/03/2014 11:40 CET

The downside extension in wave (i) green was a little bigger and the larger time frame look is presented to correctly identify the wave progression. On H4 chart, it looks like wave (i) green has been finished with intraday low at the level of 1.1000. Currently, the market should be in corrective cycle, but it is possible to the wave 5 red to be extended even more, down to the level of 1.0955. The resistance is at the level of 1.1024-1.1042 and any breakout above this zone means the upside correction in wave (ii) green has been started. The first target for the correction is the level of 1.1104.

Support/Resistance:

1.1104 - Previous Wave 4 Area

1.1042 - 1.1024 - Technical Resistance

1.1000 - Wave (i) Low

1.0955 - Technical Support

1.0909 - Technical Support

Trading recommendations:

Short orders should be kept open until the market changes the behavior or the target levels are hit. Downside bias prevails.