General overview for 03/04/2015 12:30 CET

Pre NFP wave development is quite clear in this pair. The market has made four impulsive waves to the upside and there is one more wave missing here to complete the impulsive cycle. The projected target is at the level of 131.00 with a possible extension upwards to the level of 131.85. Only a sustained violation of the level of 128.97 would invalidate this scenario.

Support/Resistance:

126.89 - Swing Low

127.55 - WS2

128.44 - WS1

129.55 - Intraday Support

130.02 - Weekly Pivot

130.49 - Intraday Resistance

131.00 - WR1

131.85 - Technical Resistance

Trading recommendations:

Buy orders from yesterday should be closed with profit as the projected TP was hit and currently daytraders should consider opening buying the dips in the corrective cycle of wave -iv- with very tight SL (20-30 pips max) and TP at the level of 131.85.