General overview for 02/07/2015 05:00 CET

The current count has been slightly changed as the previous alternative count had been invalidated due to longer-than-expected upward move in wave Z brown. Upgraded count is still bullish and its labeling includes two possible wave counts. Both counts are impulsive in fashion. Nevertheless, the current cycle looks like a beginning of a corrective cycle in wave 4 black and the suggested shape of this corrective cycle is a triangle. Please notice the black impulsive count invalidation line is at the level of 1.2421. S,o as long as this level is not violated, the bias remains bullish.

Support/Resistance:

1.2615 - WR3

1.2595 - Intraday Resistance

1.2537 - WR2

1.2498 - Intraday Support

1.2447 - WR1

Trading recommendations:

Daytraders should exit their long positions and consider refraining from trading until the corrective cycle is finished.