General overview for 08/12/2014 08:20 CET

The main count has been invalidated due to wave one and wave two overlaps. Now, the alternative count is being followed. In this count, the bottom for wave (ii) green has been established at the level of 1.1311 and since then the price has been trying to make impulsive progression to the upside. The key level of the supply zone has just been hit and now more upside prices should be seen soon, with the first target at the level of 1.1519.

Support/Resistance:

1.1519 - WR1

1.1474 - Intraday Resistance

1.1450 - 1.1465 - Supply Zone

1.1416 - Weekly Pivot

1.1413 - Intraday Support

1.1357 - WS1

Trading recommendations:

The day traders should wait for the range breakout to trade this market in the upward direction from the level of 1.1474. Please remember that the uptrend is still intact and swing traders still should consider buying the dips as the market has to complete more waves to the upside. The SL orders should be placed below the level of 1.1338.