General overview for 17/07/2014 11:30 CET

The 50%Fibo level has been rejected on the news event yesterday. So, the market has started to move lower and broken out of the golden channel. It is very possible that the top for black wave 2 is in place but to confirm this scenario, the market must fall below the old brown wave X low at the level of 1.0634. On the other hand, only a sustained move above the level of 1.0794 invalidates the impulsive bearish count.

Support/Resistance:

1.0793 - 50%Fibo

1.0786 - WR1

1.0746 - Intraday Resistance

1.0723 - Intraday Support

1.0708 - Weekly Pivot

Trading recommendations:

Swing traders and day traders should consider opening sell orders at the level of 1.0746 with SL above the level of 1.0794 and TP at the level of 1.0634.