General overview for 03/04/2015 12:40 CET

The corrective cycle is getting more extended in price and time, but the overall structure still looks like a solid zig-zag corrective pattern. There is one more wave downward missing here and the projected support zone for this wave is seen between the levels of 1.2473 - 1.2492. Any break out lower would mean the level of 1.2408 and 1.2387 is likely to be tested (black and green impulsive counts invalidation levels) and if one of those levels of gets broken, the impulsive wave progression is invalidated.

Support/Resistance:

1.2387 - Green Impulsive Count Invalidation Level

1.2408 - Black Impulsive Count Invalidation Level

1.2473 - 1.2492 - Projected Target Zone

1.2503 - WS1

1.2554 - Intraday Support

1.2561 - Weekly Pivot

1.2603 - Intraday Resistance

Trading recommendations:

Daytraders should consider to open buy orders around 1.2473 - 1.2492 with SL below the level of 1.2408 and TP is open now.