General overview for 18/03/2014 08:50 CET

The market is currently trading in the range zone and yesterday's bar was an inside candle. From Elliott Wave perspective, there are two possible wave scenarios here: main and alternate. The main scenario assumes the completion of the regular flat correction at the level of 1.1108 (1.1128 max) and impulsive downtrend resumption. The alternate scenario assumes more immediate downside wave progression as soon as the level of 1.1042 is violated. Only new high above the level of 1.1157 would invalidate both scenarios.

Support/Resistance:

1.1120 - 1.1128 - Key Level

1.1101 - 1.1108 - Target for wave c

1.1096 - Weekly Pivot

1.1081 - Intraday Resistance

1.1042 - Intraday Support

1.1040 - WS1

1.1005 - Techncial Support

Trading recommendations:

Sell limit orders should be opened from the level of 1.1108 with SL above the level of 1.1128 and TP at the level 1.1042 and 1.1005 with a possible downside extension.