General overview for 12/05/2014 10:10 CET

The downside impulsive wave progression has not been finished yet and lower prices are expected after the corrective cycle in wave 4 red is completed. Currently, this pair is hovering at weekly pivot level, under the golden trendline. Only the upside breakout above this trendline would be a first clue that the wave progression might be invalidated as the invalidation line is at the level of 1.0947. Otherwise, lower prices might come as soon as the intraday support at the level of 1.0887 is broken. Next support would be at the level of 1.0833 and if this one is broken as well , then the last swing low will be put to the test.

Support/Resistance:

1.0986 - WR1

1.0947 - Invalidation Line

1.0915 - Intraday Resistance

1.0898 - Weekly Pivot

1.0887 - Intraday Support

1.0833 - Technical Support

1.0809 - WS1

Trading recommendations:

Daytraders might consider opening intraday short positions from the level of 1.0885 with SL above the level of 1.0915 and TP at the level of 1.0833.